[WSBAPT] Real Estate Purchase Option - Best Practice

[G. (Gus) Benjamin Lindsey III]

Good morning,

 

I am coming in on the tail end of a situation and I am hoping that others
can provide some insight on the most effective option for dealing with the
issue. (And more importantly avoiding a estate dispute down the road!)

 

Married couple is purchasing real property (primary residence) with a parent
of one spouse. (Apparently the parties are already in contract with the
purchase scheduled to close any day now.)

 

For reasons unknown to me, the parties did not purchase to property as
tenants-in-common right survivorship rights. However, the parties want to
draft an agreement that gives the survivor the right to purchase any
deceased person's share .  The main focus is allowing the married couple to
purchase the parent's share without it having to go through probate(At this
point, I am unsure as to how real property is handled in anyone estate plan
but I have requested that information.)

 

Lurking in the shadows, in my opinion, is a potential dispute with the other
children of the parent-real property owner upon the parent's death. The
parties seem to be in denial about this potential dispute. (Culturally this
family makes all decisions via consensus.)

 

Another option that has apparently been discussed is the married couple
starting to acquire the parent's interest in the home now via payments. 

 

This may be simple but there are so many cooks in the kitchen that I want to
make sure that I am not missing anything.

 

Thanks!

 

 

 

Sincerely,

 

G. (Gus) Benjamin Lindsey III

Attorney-at-Law



 

The Law Office of G. Benjamin Lindsey III

2012 Grade Road, Suite 202

Lake Stevens, WA 98258

Phone:   (425) 263-9585

 

website: www.gbl3law.com <http://www.gbl3law.com/> 

 

Employment/Labor Law     Construction Law     Civil Litigation     Estate
Planning      Probate     

Business Law

 

CONFIDENTIALITY NOTE: This e-mail message contains information belonging to
The Law Office of G. Benjamin Lindsey III, which may be privileged,
confidential and/or protected from disclosure.  The information is intended
only for the use of the individual or entity named above.  If you think that
you have received this message in error, please contact the sender.  If you
are not the intended recipient, any dissemination, distribution or copying
is strictly prohibited

 

 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20160503/b90311b2/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 7392 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20160503/b90311b2/image001.png>