Updated about 5 years ago on . Most recent reply
Mother Selling House
Hi All,
My mother is looking to sell a condo that she has owned for 20+ years in Marathon, FL. She is estimating that the value of the condo is approximately $200,000.
Her plan after the sale is to give the money to my brother and I as a cash pool to start investing in real estate with. I had a few questions that I was hoping could be answered through the forums on here:
1. What steps does my mother need to take in order to transfer the money to us? I'm assuming it is not as easy as just transferring the money into our bank accounts. What kind of legal issues might we run into here?
2. I believe that the condo is in a trust that is already in my brother and I names. Based on what I know about trusts, the asset would not be transferable to us until after death. Is this correct? Does the fact that our names are in a trust for the property make it easier for us to access the cash that results from the sale?
3. Are there any recommendations of resources on this topic that are readily available to the public? I would like to learn as much as possible before making any potential mistakes.
Thanks in advance for any feedback that anyone might be able to offer!
Regards,
Tom