Need advice: Buying our house from my aunt.
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|Fri, 06-21-2013 - 10:11am|
Hello everyone, I didn't know where to turn for advice, etc so I will try here. To try and summarize, my parents and one of my aunts live in a house that is split 3 ways. It is owned by my grandmother but another aunt of mine is the one who handles all the bills of that property. Now my grandmother passed a few months ago and my aunt wants to sell the house. I believe it is stated in the will or deed that the sale of that property would be split 3 ways between the children of my grandmother so a portion would go to my father, my aunt that lives in a section of that house and another portion to my aunt that handles the bills. My aunt and my parents want to stay living in the property so the idea now is for me and my mom to buy the property from my aunt that handles the bills and from that sale, my father will put his portion towards the house so the mortgage would go lower and my aunt that currently lives there will just pay rent to us every month with her portion. Plus we'll be getting rent from the other renter that lives in the 3rd section currently.
Here I think are the Pros:
The property is split 3 ways so those sections can be rented out separately.
We can always sell the property in the future if things get too complicated.
The property can eventually be paid off and we'd be mortgage free.
It is a strong, sturdy good property that has withstood very strong storms.
Aunt will most likely want to sell the property to us at a high cost to try to make more money out of it.
We dont know how much all the bills will come out to now that we'd be owning it.
Basically I just dont know where to start to protect myself and my mom. Family business is very tricky, I just want to make sure we wont get screwed somehow in the end.
Any recommendations, advice would be appreciated. Thanks in advance.