I'm going to try and make a long story short here. I'm trying to purchase a house from an older women. She lives in a nursing home because her home was deemed unsafe to live in by the town. This women is willing to let the property go for very cheap and we came to an oral agreement. The problem is, she is very old and has no family to give her advice and her lawyer is out of town but being a very great deal for me I would like to get this in writing asap. Is it illegal to present her a contract through a personal meeting between just me and her? Or does someone have to be there to consult and witness her decisions? Any suggestions are appreciated.
This strikes me as dangerous. Having a contract signed by an elderly person with no representation or other party to represent their interests seems like a free ride to jail. It doesn't sit right with me. That doesn't mean it's illegal but it doesn't sound like the right thing to do.
Just have to hope that she is not talking to anyone else while her lawyer is out of town, so the deal will still be there when he returns. Or write it up with contingencies for her to have the contract inspected by the lawyer. That way at least it's locked up and you can wait for the lawyer. Of course he will probably kill the deal, but ... at least you know you can sleep at night. The lawyer will probably buy it 2 months from now. - lol
As long as she is of "sound mind," sure, she can sign a contract. I have had real estate investors well up in age. My oldest investor was 89 years old buying and selling investment properties!
There is a legal clause that anyone over 65 years of age can cancel any binding contract within 15 days of acceptance and if any monies were exchanged, it would have to be returned.
Like JC said, unfortunately most lawyers will kill deals. :) If you know in your heart it is a fair deal and a win-win situation, I don't see a problem. Go for it!
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!