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Family Homeplace

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D

D

Guest
My Husband and I have lived in the family
homeplace for the past 12 yrs. Since 1898 it has been passed down from gen to gen.Last week his father came up with wife 2 and he wanted to sign the house over to us. She threw a fit and said she wanted 1/2 property$.They got into a big argument and went home. What are the advantages of them signing home over to us and we get home equity loan to pay her share,there is currently no lien.They now want us to outright buy it from them. We have already
paid for an appraisel,we know it will not pass inspection for mortgage.,termites ,plumbing and electric wiring are all circa 1930 or older.We intended to use a home equity loan to fix it up,now should we use it to pay her the half she thinks she is intitled to.When I think of the points and downpayment and all this expense that the
father never went through,I could just cry. Help! D

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ALawyer

Senior Member
If it is his property, he should be able to do what he wants with it.

She is not entitled to half just because she is Wife 2. If his giving it to you would render him poor, and unable to provide for himself and potentially her, that's one thing. If it is just her greed, that's something else.

There is no way you should pay her now for the value of his home. But you really should get an appraisal of the value, so you all know what you are talking about.

You could agree to pay her, at his death, if she survives him and is married to him at the time of his death, the current value of half the home. In fact you could possibly file a mortgage to protect her interests. It could carry a zero rate of interest and be payable to her, at half the current value of the property, 9 months after the date of his death if she was his surviving spouse.

Thi way the loan you take out goes to improving the value of the property and you, not she gets the benefit of the improvements, and you have the value to get a home equity loan.

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This is intended as general information only and NOT LEGAL ADVICE. You are not my client, and I have no obligation of any kind to you. To retain a lawyer, go to http://AttorneyPages.com
 

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