Hi All,
My Father is selling our homestead privately to Me. The value is under GV (Although there has never been an actual GV done, the bank has come back stating a value that needs to be on the Sales Agreement etc. This is fine. A Lawyer that me my mother and siblings have gone to see, has made up a Sales Purchase agreement to reflect this, with the remaining as gifted (Aprox 60k). The house needs alot of work done that could estimate to near 50k. (Its a early 1900s house) My siblings will also be given moneys as gift, so It looks I may be safe on the gifting side? I would like to hear your views on this.
BUT!
There is one clause that is part of this S & P agreement, is that my Father is allowed to live with me in the house until Death. I have no issue about this what so ever BUT on a legal side of things, can things get ugly with me and my siblings if he passes away? E.g. will they then have access to any shares of this Life Interest? Or anything?
These is the term below:
Life Interest Lease
In consideration of Vendor Gift, the Purchase grants the Vendor a Life interest Lease in the property (Or any property purchased in replacement of the property) on the following terms:
Term: Commencing on the settlement date and expiring on the death of the Vendor .
Rental: Undisclosed for public forums.
My Father is selling our homestead privately to Me. The value is under GV (Although there has never been an actual GV done, the bank has come back stating a value that needs to be on the Sales Agreement etc. This is fine. A Lawyer that me my mother and siblings have gone to see, has made up a Sales Purchase agreement to reflect this, with the remaining as gifted (Aprox 60k). The house needs alot of work done that could estimate to near 50k. (Its a early 1900s house) My siblings will also be given moneys as gift, so It looks I may be safe on the gifting side? I would like to hear your views on this.
BUT!
There is one clause that is part of this S & P agreement, is that my Father is allowed to live with me in the house until Death. I have no issue about this what so ever BUT on a legal side of things, can things get ugly with me and my siblings if he passes away? E.g. will they then have access to any shares of this Life Interest? Or anything?
These is the term below:
Life Interest Lease
In consideration of Vendor Gift, the Purchase grants the Vendor a Life interest Lease in the property (Or any property purchased in replacement of the property) on the following terms:
Term: Commencing on the settlement date and expiring on the death of the Vendor .
Rental: Undisclosed for public forums.
Comment