Posted by Bill Jacobsen on January 22, 2007 at 19:02:25:
Read the divorce decree. What does it say. Then get an attorney.
Bill
Mom buying out daughter and son - Posted by Mark Ogne
Posted by Mark Ogne on January 20, 2007 at 23:30:44:
Ok so this is a mildly complicated situation:
Mom and Dad are divorced and have been so for many years. Part of the child
support agreement was that he would retain his 50% ownership of the
property. Mom has lived there for many years, mortgage free, daughter and
son are in their 20’s now. Dad wants to give his half to daughter and son and
either have Mom buy him out and give the money to daughter and son or
transfer the half to daughter and son to do with the property as they please.
Here is the catch, Mom says that their divorce legal agreement says she can
live there as long as she wants and Dad can only sell with her permission.
Mom doesn’t want to give up her free mortgage, but daughter and son would
like their parts in the home.
My question is: Is it possible that this could be true that Dad could never
unload the property, ever? Seems strange to me.
Mom has offered a low ball of 50k for the full half of the home worth 400k,
and says that’s the only way she will give it up and allow Dad to sell and give
to the kids. Kind of messy, any advice is appreciated.
Thanks!