Akron, OH asked in Real Estate Law for Ohio

Q: I am selling my house (pd in full) to my niece for 100,000 waiting on appraisal est. 115,000 what documents do I need

She is working with a mortgage co and she is paying all closing costs?

Other than the proper documentation- what else should I have?

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1 Lawyer Answer
Hunter G. Cavell
Hunter G. Cavell
Answered
  • Gates Mills, OH
  • Licensed in Ohio

A: It sounds like it will appraise no problem, so that should not be an issue. Your niece's loan officer will want an appraisal for the mortgage company, but they should handle the closing/title insurance/tax escrow, etc. The loan officer will not talk to you, so ask your niece if anything else is needed. While she is also not obligated to tell you, it sounds like you're giving her a sweetheart, below fair market value deal, so she will want to work with you. Again, this should all fall on her/her bank's/her loan officer's shoulders.

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