I need to buy relatives out of their share of a decessed property. I was goinng to sell my house to fund this which has

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Customer: I need to buy relatives out of their share of a decessed property. I was goinng to sell my house to fund this which has a mortgage to them. They have only applied for a mortgagse for half the value based on getting a deposit from me but i can only fund the deposit by getting full value from my house sell. The deppsit i would give them and the remaining balance to me are similiar value. I think they are banking on some kind of equity swap on paper but whst are the implications of this ancd what would the purchase price show? I dont want to be left without a cash balance or for my house sale to go unconditional and they then change their mind abt selling their half of the deceased property to me. How do i prevent this
JA: What state are you in? It matters because laws vary by location.
Customer: NZ
JA: What steps have you taken so far?
Customer: None
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: No
Answered by Chris The Lawyer in 47 mins 1 year ago
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Chris The Lawyer, Expert

Hi My name is ***** ***** I am a New Zealand lawyer with more than 42 years of experience. I am here to help with your questions.

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Chris The Lawyer, Expert

I suggest you discuss the drafting of the contract for the purchase with your lawyer so the terms of the contract are clear and you have the correct values of the property, and the correct amounts in the contract. I do not think it would be a good idea to draft the contracts yourself or rely on the estate lawyer

Customer
how do i transfer the half of my house to pay out the deceased estate when i have a mortgage
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Chris The Lawyer, Expert

You cannot do that unless the mortgagee agrees.

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Chris The Lawyer, Expert

They are unlikely to agree because the person buying the share will have to take subject to the mortgage and therefore likely need a new mortgage altogether. I don't fully understand what your transaction looks like but the contracts need to be very clear

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