[WSBAPT] Is this showing up on the listserv?

[Jayne Gilbert]

Contract to Buy RP w/ Mortgage and Taxes Owed

I sent this to this listserv yesterday and did not get any
feedback. Will somebody please let me know whether
this question actually made it to the site?

I have clients who have 2 homes on one parcel. Their
son and wife live in the little house. They want to sell the
property to the son and switch houses.

*Correction *There are significant taxes owed on the property
and a mortgage.

The son is selling his out of state home and plans to
make a significant down payment and then they will be
making monthly payments to his parents.

Generally: Will recording the contract make the mortgage and
taxes due on sale. (plz set aside reviewing the mortgage
language first).

I have mentioned reserving a life estate in the property
for the parents-they were not warm on the subject I also
discussed a TODD and a Will. They do intend to give all
their interest in the property upon the death of the survivor.

Thanks
-- 
*************************************************
Jayne Marsh Gilbert
Gilbert and Gilbert Lawyers, PS
(360) 336-9515
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