Posted on: 24th Aug, 2011 03:22 pm
Mom is in a nursing home and due to her health, will never be able to live in her home again. The house is vacant and is starting to show lack of upkeep. Mom has agreed that we need to sell the house. My neice is interested in purchasing the home. There is no mortgage on the property.
When mom quitclaimed it to us boys, the deed showed a $1.00 price. Even though we will be receiving near market value for the property, my neice wants to have the new quitclaim deed, which will still have the "life estate" clause, to also show $1.00 price tag. I'm not comfortable with taking this direction. Any help here will be appreciated.
When mom quitclaimed it to us boys, the deed showed a $1.00 price. Even though we will be receiving near market value for the property, my neice wants to have the new quitclaim deed, which will still have the "life estate" clause, to also show $1.00 price tag. I'm not comfortable with taking this direction. Any help here will be appreciated.
Welcome spencehome,
A life estate clause can be included in the property deed if your niece wishes that. I don't think that would be any kind of problem for you. Nevertheless, it will be better if you could contact a real estate attorney and take his opinion in this matter.
A life estate clause can be included in the property deed if your niece wishes that. I don't think that would be any kind of problem for you. Nevertheless, it will be better if you could contact a real estate attorney and take his opinion in this matter.