Doug Posted January 2, 2009 Posted January 2, 2009 This lady that we know wants to either let us live in her house and pay the mortgage when she retires or take over the payments in exchange for cash soon, I am not sure exactly but we are supposed to sit down and discuss it this Sunday. We have known her all of our lives, she was really good friends with my parents for a long time, and after my mom died she was a pretty good substitute. Initially we thought she wanted us to move in with her but we (my brother and I) figured that there would be privacy issues. My commute to work would be quadrupled (60 miles roundtrip) and I would need to change schools next semester. Are there any other things I need to think of? Quote
Liz Posted January 2, 2009 Posted January 2, 2009 Who is going to pay the taxes? Should she die, unexpectedly, who would "own" this house? If repairs need to be made who will pay for them? Also I would have everything put in writing. P.S. Good to see you around again. Quote For what will a man be profited, if he gains the whole world, and forfeits his soul? Mat. 16:26Please, support the JDRF and help find a cure for Type 1 Diabetes. Please, support the March of Dimes.
Neil D Posted January 2, 2009 Posted January 2, 2009 Who is going to pay the taxes? Should she die, unexpectedly, who would "own" this house? If repairs need to be made who will pay for them? Also I would have everything put in writing.P.S. Good to see you around again. Good questions, Liz....Good questions... Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw
Moderators Bravus Posted January 2, 2009 Moderators Posted January 2, 2009 As the song from Australian band The Cruel Sea says: "Better geta lawyer son. Better get a real good one." Not because I think there's anything nefarious going on - it sounds like a kind offer and a great opportunity. But for the protection of everyone involved, a simple but clear and legally binding contract that sets out all the rights and obligations of all the parties will save a lot of potential issues and problems. Quote Truth is important
Moderators Jeannieb43 Posted January 2, 2009 Moderators Posted January 2, 2009 If you were in California, you would be required to have a written contract [or deed perhaps] before such an agreement could be legally binding. And I think all jurisdictions require such a document [based upon the Statute of Frauds relating to real property]. So Bravus' suggestion to hire an attorney would be appropriate, and money well spent, to avoid expensive problems later on. Quote Jeannie<br /><br /><br />...Change is inevitable; growth is optional....
Stan Posted January 2, 2009 Posted January 2, 2009 Doug, my friend, please give greetings to Peter for me. Missed the both of you at Christmas. AND as you do live in California.. might want to take Jeannie's comment seriously. Quote If you receive benefit to being here please help out with expenses. https://www.paypal.me/clubadventist Administrator of a few websites like https://adventistdating.com
nuff sed Posted January 2, 2009 Posted January 2, 2009 Doug, If she wants you to have the house when she dies she could deed the house to you now and reserve a life estate for herself. However, taxwise, it would be to your advantage IMO to have her give it to you in her Will. Quote
Woody Posted January 2, 2009 Posted January 2, 2009 Good to see you Doug. Happy New Year. And all I have to say is what the others have said ... Lawyer Lawyer Lawyer. Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology.
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