My son has had a lease agreement with my brother snd myself to buy my parents home. They both died in June 2010. My son wsnts us to quick deed the had me to him to avoid paying lawyer fees abd closing costs. My brother is demanding his half before he will sign. My son will use his savings to pay my brother now and then pay me in March when
he receives his bonus from work. Both amounts are $24,000.
You trust your son to pay you, but you want protection in case he doesn't. Your brother is demanding payment up front. Some of the ugliest lawsuits I have seen involve families.
Protect yourself. The three of you should consult an attorney, and get them to draft a contract that reflects the agreement, as all three of you understand it. The three of you should split the legal fee.
This response is only general information and is not legal advice. It does not form an attorney-client relationship and should not be relied upon to take or refrain from taking any action. You should seek a qualified attorney before taking any action related to your inquiry.
The best way to solve this is to have a contract drafted by a lawyer. While you can probably do it yourselves, there are many moving parts involved in this type of transaction that cover several areas of the law. One possibly strategy is to have your son pay your brother and have your brother convey his ownership to your son leaving you and your son on the title in a cotenancy. Once he has the money to pay you, convey your ownership interest to him. BUT AGAIN, it's better to hire a local real estate attorney who can vet all of the issues and draft a strong document.
The above should not be considered legal advice and is intended for educational purposes only. It does not constitute a contract for legal services between any parties, nor is any attorney-client relationship created or intended. Additional facts may render any advice herein inapplicable.
You do realize that NO attorney will charge you $24K to draft a simple legal agreement or draft a deed, right? Yet, you are willing to risk the $24K by NOT using an attorney? Does that make sense to you? I really truly hope that your son isn't trying to take advantage of your love and trust by pulling a fast one on you. If he knows he will pay it, he shouldn't mind signing an agreement (drafted by an attorney) saying so. Protect yourself. Or, hold onto the deed until he pays you.
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