What is the name of your state (only U.S. law)? IL
He is the question/ issue we have.
My dad owns a farm and farm land. On the one farm there is a set of buildings including a old Colonial style house. The house has beeen kept up on the outside but would require a total remodel to live in. My dad views the house as a waste of money an was going to burn it down along with most of the rest of the buildings. So the buildings don't hold alot of value (to him) This may or may not matter. I am set to inherit all of the farms and buildings/ houses when my dad passes away.
Now for the question. My wife and I would like to move into the colonial house after a total remodel. We don't have the money for that so we would need a mortage. In order to do that we need the property in our name. How can we go about getting the property into our name? We have been told dad can't sell it to us for less than market value. Farm land in this area is going for $10,000 and acre or more. We would like to seperate off 20 acres with the building site so there is no way we could buy the house/land and still be able to remodel it.
is there any solution? Could he sell it for a less than market price for a non family member?
He is the question/ issue we have.
My dad owns a farm and farm land. On the one farm there is a set of buildings including a old Colonial style house. The house has beeen kept up on the outside but would require a total remodel to live in. My dad views the house as a waste of money an was going to burn it down along with most of the rest of the buildings. So the buildings don't hold alot of value (to him) This may or may not matter. I am set to inherit all of the farms and buildings/ houses when my dad passes away.
Now for the question. My wife and I would like to move into the colonial house after a total remodel. We don't have the money for that so we would need a mortage. In order to do that we need the property in our name. How can we go about getting the property into our name? We have been told dad can't sell it to us for less than market value. Farm land in this area is going for $10,000 and acre or more. We would like to seperate off 20 acres with the building site so there is no way we could buy the house/land and still be able to remodel it.
is there any solution? Could he sell it for a less than market price for a non family member?
