A friend wants to sell his house to his son substantially cheaper than the current home price?
He is also going to continue living in it. If at some future date for whatever reason he is asked to leave the house, how canhe protect himself?
Answers:
He can make his continued residency a part of the sale agreement, basically "If you sign this agreement and complete the sale you agree that I can reside here rent free until I choose to leave or die."
I don't see a way he can protect himself. I hope his son loves him and he's doing this to somehow help his dad. Hope he can be trusted.
In the UK and Australia, it's called a "life interest". Your friend should consult an attorney to find out what equivalent protection is available under US law (I couldn't find it except in relation to a trust).
it seems that the father needed some money but he hadn't , the son got the money , and son proposed to transfer the house to his name ,
if the situation is so , then the father is protection less.
The only way would be to make his own permanent residence in the home a part of the sale contract.
The answers post by the user, for information only, FreeLawAnswer.com does not guarantee the right.
Answer question:
More Law Questions and Answers: