Im trying to purchase my neighbours home at today's price and settling on it in the future after he passes away. My wife and I intend to build our dream home on the land. He is keen to sell to us, he only has a sister for family and is in his eighties. He intends on leaving the property to his sister. We have been speaking to him and have been advised not to do an option on the property as it would be null and void when he passes away and we would be throwing our money away. I want to give him a reasonable deposit so that he and his sister can enjoy some of the money now but if I do this it could affect his pension (he is on a full pension). So I am trying to figure out a very tight contract that is win-win-win where:
1. I don't affect his pension,
2. We agree to a purchase price now
3. Settle 60 days after either death or him needing to move into care
4. A tight contract where by I wont lose any deposit should he pass awayHas anyone every done a similar thing? I live in Brisbane and if anyone know a good lawyer that may have experience in this sort of thing I would very much appreciate it.
Cheers
Hang on, if you buy it when he dies, who are you paying the money to?
Why dont you buy the property now with a nominal lease in place effetive unti he passes away. That way you buy the property at todays price and he gets to stay there until he dies, and can actually use the money in the meantime. This may invove agreeing on a reduced price as he may be there effectively rent free for maybe another 10-15 years (or maybe not?).
Mick
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