What is the name of your state (only U.S. law)? Pennsylvania
My father in law passed away in May, and his 5 sons are to share equally as stated in his will.
3 of them want my oldest daughter and her family to rent-to-own the house, 1 doesn't want to be a landlord for long, and the 5th hasn't been contacted yet.
My daughters husband wants in writing from all 5 that it is ok for them to rent-to-own, to protect them from being evicted in the future. I do understand his position. But my husband and brother-in-law (the executor) say this is more complicated than it should be and a lease should be sufficient.
There is no mortgage on the house and my father in law had no other assets. Our plan is to rent to my daughter to keep the house in the family but their rent would go to the purchase price, and to set up an account the rent would be deposited in, that would take care of the taxes, insurance and upkeep of the property. This account would pay out to the brothers yearly, once the expenses are taken care of.
None of the brothers are in a position to buy the others out and two of them don't live in Pa.
Do we need all 5 to agree in writing or is a verbal agreement sufficient?
If the verbal agreement is sufficient how should we word the lease?