Search results

Good point celica. A well thought out contract/will/plan would have to be in place before anything like this would be put in place im guessing. ie. Son makes a will stating if he dies, the Mother gets the house back and/or it is sold at market value and proceeds are split up accordingly...

^^^^^^^ What if aliens invade Earth? :D A well prepared contract between Mum and Son would get around all of these obsticles. It will be difficult, however, not impossible to make it a win win for everyone involved. The emosion has to be taken out of it, that will be very hard to do with a...

Hahaha..... Sorry. Dean75... :D Cheers Mick

^^^^^^ Great advice Marg Maybe a similar contract to a "pre Nup" could be the ay to go? Sorry for high jacking the thread skater. :o Cheers Mick

Oh, I forgot to mention also. :D My Fiancé and I recently purchased a house from her Untie for 50k less than what the Bank valued it at. Im not sure if there is a limit on how cheap houses can be sold to family for, we got 50k off ours. All went through without a question asked. We had a...

Ding, ding !!!! :D Not a bad idea. Has anyone out there done anything similar to this? Cheers Mick

Never thought of that. :D So if the house went up for Auction, and the only bid she got was 450k, and she was happy to take it, it can not be sold? Cheers Mick

No, mum pays no rent. This is a gift to mum in her "Golden Years" as a thankyou for selling the property to her son for an extreamly discounted price. (450K cheaper, not a bad saving) Yes, the son has a new 400k mortgage, however, has made 450k in equity from day 1 of the sale. This equity...

I know its not comfortable to think about, but your mum wont be around for ever. You wont have to let her live rent free for ever. The 400k you save and gain in equity is a big plus I say. If the cashflow is there to cope, I see it as a great way to help all win. Cheers Mick

How about looking at it from another angle. What if you brought your Mother out? Buy the townhouse from her at a discounted rate, let her live there rent and mortgage free and also help subsidise her bills etc. ie. Buy it for say 400k. Your mum gets 200k cash. You now own a property...