QUESTION
Will my house be legally at risk from a judgement against my brother if I buy his half of the house?
Asked on Dec 06th, 2013 on Residential Real Estate - Nevada
More details to this question:
My brother & I own this house jointly. He has his own house in which he lives. I live in the house we both own. Both houses are homesteaded. He is fighting with California over taxes from an inheritance. I would like to buy his half so he would have the cash he needs and I would not loose the house. There can't be any hint of fraud as my husband has DOD clearances. The expected judgement against my brother is less than the worth of his half of the house.
1 ANSWER
R. Christopher Reade
So long as you close on the transaction (a) for fair value and not in a fraudulent transfer and (b) prior to any monetary judgment from the State of California becoming a lien against the property, your brother is free to transfer his interest to you.
Answered on Dec 06th, 2013 at 7:47 PM