Posted on: 06th Nov, 2008 12:12 pm
I am purchasing property from my grandparents. They value of the property is $40,000 and they have agreed to let me pay $500 per month interest free until I have paid $30,000 then they will gift the remaining $10,000 to me. Currently the property is in their living trust. If they sign a contract for me to pay the money to the trust and they pass away prior to the $30,000 being paid will I still retain rights to the property? Should they put this provision in their will or is the contract and the fact the trust owns the property enough?
Hi ericjsandrick!
Welcome to forums!
You said that the property is in the living trust. If you are the beneficiary to the living trust, then you will retain the rights the rights to the property. You will inherit the property once your grandparents are deceased.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You said that the property is in the living trust. If you are the beneficiary to the living trust, then you will retain the rights the rights to the property. You will inherit the property once your grandparents are deceased.
Feel free to ask if you have further queries.
Sussane
the questions you've asked are better answered by someone with legal expertise. i suggest you engage legal counsel to hash this all out. the deal itself sounds pretty decent to me, but you want to ensure yourself of protection.
