• Search   • All content   • Business listings  Beware of making
special arrangements  Q: I appreciated your article on the
advantages and disadvantages of holding title to a home in a
limited liability company (LLC).  I have a house in Maryland
that is valued at around $350,000 with a mortgage of around
$140,000. A friend would like to buy the home from me for
$210,000, and we'd have a promissory note for the difference
between what he pays us and what we think the home is worth.
We'd like to sell the home in about 6 months. When we sell it,
he'd get his $225,000 back, and we'd have a formula for
distributing the rest of the money.  My mortgage would have to
be paid off at the time of the second sale. Can we do this
between ourselves, or do we need a title search, title
insurance, etc. and closing?  A: At the time you sell your home
to your friend, the real selling price would be $350,000 and not
$210,000. You're not paying off your lender at the time you sell
your home to your friend. Accordingly, your frie