Posted by Randy on September 24, 2003 at 16:45:16:
YOU SEE THERE ARE JUST MANY OTHERS HERE TRYING TO HELP YOU…
IT’S CALLED A SALES CONTRACT
establishing purchase price - Posted by verna
Posted by verna on September 24, 2003 at 15:37:44:
This is the scenario I’m in: I own 1/2 of a double house. The owner of the other half is a woman in her mid-90s. She and I have discussed the fact that I want first right to purchase her half. She wants to live there until her death, but tells me that she has informed her heir that I have the first right to buy the house. What I really want is to establish a purchase price right now. What are my options? Is there a simple legal document that will do what I want?
Thank you.
Verna
Re: establishing purchase price - Posted by Kristine-CA
Posted by Kristine-CA on September 25, 2003 at 11:13:06:
If it were me, I’d try to get your neighbor to sell the house to you now and then give her a life estate. Even with an option contract or sales contract, your purchase is at risk if her estate has any debts. Also, if her heirs were to fight the issue or get in your way, it could take a long time to resolve the issue.
A life estate may meet her needs now. She should consult with an elderlaw attorney. You should encourage her to do this. It may work out best for both of you.
Sincerely, Kristine
Re: establishing purchase price - Posted by Richie (FL)
Posted by Richie (FL) on September 24, 2003 at 17:30:22:
How about tieing it up with an option at a set price, for, maybe 30 years, and you agree to wait until the geezer dies…
OR set up a trust and work that whammie that way…
Good luck…
Richie
Re: establishing purchase price - Posted by Randy
Posted by Randy on September 24, 2003 at 15:52:15:
An appraisal by a certified appraiser. Cost about $250-$300, this is also necessary for you to get a loan to buy it.
Re: establishing purchase price - Posted by VERNA
Posted by VERNA on September 24, 2003 at 15:59:28:
Randy, I’m not willing to spend $2-300 to get an appraisal before I hear what the seller is asking, so that is not an option for me.
Re: establishing purchase price - Posted by Randy
Posted by Randy on September 24, 2003 at 16:09:58:
I understand, you could ask a realtor for a market evaluation. This is by no means the real value of the property but it?s a starting place. I suggest reducing that by about 10%, but call a realtor. Don?t tell them why you?re asking for the market evaluation, if you or the lady is not listing it for sale they won?t waste their time. The property tax base is another source; look on your tax bill for the value. When it?s all said and done you will have to get the appraisal anyway to actually buy it.
Re: establishing purchase price - Posted by VERNA
Posted by VERNA on September 24, 2003 at 16:36:24:
RANDY, I DON’T THINK I MADE MYSELF CLEAR. WHAT THE SELLING PRICE IS IS NOT AN ISSUE AT THIS POINT IN TIME. THE PRESENT OWNER AND MYSELF, IN ALL PROBABILTY, WILL COME TO AGREEMENT ON THE PURCHASE PRICE. WHAT I WANT TO KNOW IS WHAT LEGAL INSTRUMENT SHOULD BE DRAWN UP FOR THE OWNER TO SIGN THAT WOULD GUARANTEE AND/OR LOCK-IN THE AGREED UPON SELLING PRICE AFTER HER DEATH.