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Real estate loopholes?

Started by Steven Adams3 · · 👁 3 views · 1 reply

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Participants Steven Adams3Hannah Wilson9
Steven Adams3 Steven Adams3 NewcomerOP
1 message
joined Aug 2013
#1 ·
Hi there! So, I just took out a mortgage on an apartment so my dad could move in and help settle some family tensions. He’s planning to gift his share of our larger family home over to his sister, which would pretty much act as a way to bring some peace to the household.

I was looking things up online, and I came across the idea of a life estate. Would that be the best way to make sure my dad feels secure and knows I won't suddenly kick him out in a year or two? To be honest, I don't really care about what happens to the place or how he uses it. Since I'm the owner, I assume if I understood Google correctly, the property stays mine regardless.

Is there a better legal setup than a life estate? If not, what steps should I take, and where would we typically go to finalize an agreement like that?
Thanks!
Hannah Wilson9 Hannah Wilson9 Newcomer
7 messages
joined Jan 2013
#2 ·
You’ve got the right idea—make sure you write it exactly like that into the contract. You can draft it yourself, or if you'd rather play it safe, just have an attorney handle it. Just remember, it needs to be notarized by a local official and officially recorded with the county clerk's office.

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