Giving house to one child.

nad33m

Can a father and mother who own a home together and have 3 children give/sell the home to one of their children (who lives with them) and write in a contract that if the house is ever sold by that child the other 2 siblings get a share (15% each for example)? All the parents children are over 40 (just to clarify they are not children under 18). There is no mortgage on the house, it has been paid in full.

DandelionPatrol

Why? If the child is disabled for example, there may be better ways of handling this.

Your proposal of giving to one initially creates some issues in implementing a later distribution of shares as a contract is not a suitable mechanism to force the later redistribution.

Essentially you need to distribute shares now and put something in place to protect the one child's right to live in the house.

alchemist.1

Set up a trust. Best way of dealing with it.

getmore4less

What are you trying to do?

Start with that and then work on the options to achieve that.

the starting point of what you want to achieve is before the question you have asked.

CLAPTON

give and sell have two very different meanings

nad33m

Thank you everyone, I can explain in further detail.


The mother and father live in their house with their son (age 45) and wife (who have 2 children). The other two siblings (age 40 and 43) have left home and have their own properties and families.

The son who live with his parents wants to help his parents in their old age (they are 71 and 65), but does not want to live in the house for 20 years looking after his parents and then be told after, say 20 years (when he himself will be 65) that his brother and sister want their inheritance and he should sell the house and move. He says that is too old an age to move, as he could be 55-85 years old. He says his brother and sister should wait until he dies until they can legally get their inheritance.

elsien

Too old to move at 55? What planet is he on? People retire and downsize at much older than that.
Edit - what do the parents want to do. Given it's their house everyone is squabbling over.

tomtontom

nad33m wrote: »

He says that is too old an age to move, as he could be 55-85 years old. He says his brother and sister should wait until he dies until they can legally get their inheritance.

He says, he wants - what do the parents want?

nad33m

elsien wrote: »

Too old to move at 55? What planet is he on? People retire and downsize at much older than that.
Edit - what do the parents want to do. Given it's their house everyone is squabbling over.

Well, he says he would rather move now if the brother and sister wont wait until he dies for their inheritance, and buy a house with his family rather than get kicked out by his brother and sister when the time comes...


The parents are happy that he lives with his family in their home. They would not want him to move out.

tomtontom

Can he not buy the siblings out?

The alternative seems *very* selfish.

elsien

Wanting to look after his parents is fine when it's just a theory. What happens if he finds that too much if and when he's actually doing it, and they need to go into care? What if his wife decides she doesn't want to be a carer? What if he runs off with another woman leaving his family in "his" house. Or goes bankrupt while mum and dad are still living there?
Seems to me they need to possibly consider different outcomes for different sets of circumstances and timescales. Aside from anything else, assign they'll still be there in thirty years time and he's still looking after them is over simplistic.