QUESTION
Need advise on selling a house to family member
Asked on Jan 13th, 2014 on Residential Real Estate - Nevada
More details to this question:
My wife and I own a 3 bedroom house in Fernley NV. Our daughter and her boyfriend offered to purchase the house for $90,000.00 as of January 1st. We wrote up a pre-preliminary agreement where-by my wife and I would carry the loan. Before January 1st, we decided not to go thru with the agreement due to several factors and texted everyone involved advising so. Daughter and boyfriend came to our home and we gave him $3,000.00 cash for the little work he did at the home and told them the offer was off the table. Subsequently, we offered to sell to them for $93,000.00 but no financing. Our Daughter and boyfriend then moved into the house and said they were going to purchase the house at the original agreement with an increase from $90,000.00 to $93,000.00. We said OK but you are renting the home for now and we would no longer hold the house financing and that they would have to open an escrow and get their own financing. We are now at an impasse, we offered to go to a realtor and start an escrow but our daughter will not return calls or emails. What are my wife and I's legal options.
1 ANSWER
R. Christopher Reade
Your legal options are that you are the owner of the real property and need to determine if (a) an agreement to transfer title (i.e. a purchase); and (b) an agreement for possession of the Subject Property. If there is no valid agreement under which your daughter and boyfriend are entitled to purchase the Subject Property. You should write to your daughter and tell her that demand is hereby made that she open escrow and close the transaction. If she fails to purchase the Subject Property within the reasonable time, then the Agreement to purchase shall be deemed repudiated and void.
Answered on Jan 13th, 2014 at 4:59 PM