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/u/Achoo_Bless_You
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My husband and I are currently renting a house from his elderly Grandma that we are very interested in buying. We are uncertain at this time of any will, trust, estate, but we do know the house is in her name.
Here are some important notes: -The property has two houses on it, so it would need to be split and is able to be split per the city -we cannot go get a loan from the bank because the house on a plot map does not exist, it is in with the 2nd house on the property but it does have a different mailing address -There are 8 beneficiaries (aunts, uncles) but not certain if it is in a will or just a verbally communicated thing -a price has been decided and agreed on for the house -there are no contracts regarding any of this at this time, just verbal agreements between us and aunts, uncles and grandma
We are wanting to work with grandma to move forward with separating properties, but she lives two hours away. We have thought about a POA where one of her children can sign forms for her and work with us to separate the property. They are concerned about taxes and capital gains, the house has been in the family’s name for decades.
With our research, would a trust be the way to go? Separating the properties, putting the deed in the trust name and then complete the sale of the house? We are saving money like crazy to try to make it a cash deal, but we are also aware we have no deed to the house until properties are separated so we don’t want to hand money over without there being something to actually purchase. We have thought about and talked with grandma about a rent to own where we pay her more money every month that goes towards the price of the house, and writing up a contract with that. Our fear is that if she passes away and the beneficiaries don’t want to honor the contract, and then we are out all that money.
I am sure I am missing some information but ask questions and I’ll answer everything I can. We are looking for advice, if this is something we should keep pursuing, or if this seems like a giant mess (we are aware that it is).
We don’t want anyone screwed over, us, grandma, but when a lot of money is involved we want to make sure everyone is covered.
submitted by /u/Achoo_Bless_You
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Looking for advice with family owned home
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Here are some important notes: -The property has two houses on it, so it would need to be split and is able to be split per the city -we cannot go get a loan from the bank because the house on a plot map does not exist, it is in with the 2nd house on the property but it does have a different mailing address -There are 8 beneficiaries (aunts, uncles) but not certain if it is in a will or just a verbally communicated thing -a price has been decided and agreed on for the house -there are no contracts regarding any of this at this time, just verbal agreements between us and aunts, uncles and grandma
We are wanting to work with grandma to move forward with separating properties, but she lives two hours away. We have thought about a POA where one of her children can sign forms for her and work with us to separate the property. They are concerned about taxes and capital gains, the house has been in the family’s name for decades.
With our research, would a trust be the way to go? Separating the properties, putting the deed in the trust name and then complete the sale of the house? We are saving money like crazy to try to make it a cash deal, but we are also aware we have no deed to the house until properties are separated so we don’t want to hand money over without there being something to actually purchase. We have thought about and talked with grandma about a rent to own where we pay her more money every month that goes towards the price of the house, and writing up a contract with that. Our fear is that if she passes away and the beneficiaries don’t want to honor the contract, and then we are out all that money.
I am sure I am missing some information but ask questions and I’ll answer everything I can. We are looking for advice, if this is something we should keep pursuing, or if this seems like a giant mess (we are aware that it is).
We don’t want anyone screwed over, us, grandma, but when a lot of money is involved we want to make sure everyone is covered.
submitted by /u/Achoo_Bless_You
[link] [comments]
Looking for advice with family owned home
Continue reading...