Updated about 4 years ago on . Most recent reply
Good opportunity that could go wrong
Hi, I have an opportunity to purchase my parents home for $500,000 in the Bay Area (Home could be sold for about 1.2 mill). Obviously, I would love the chance to get ahead of this crazy market, but there is some agreements that need to made.
1) Parents would be able to come and go, they want to live in house w/ us 6 months out of the year
2) Sibling would get $100,000 from sale for down payment to purchase a home in Utah for my parents to share w/ them so they can see grandkids in Utah and California
3) We all as a family would have to agree-we all want it in writing and I'm concerned that if it goes south it can cause problems w/ family relationships.
How would you go about this? Who should I speak to to work the kinks out if we go through w/ this, a real estae lawyer?
Thank you for your knowledge and advice!