California | Wills and Trusts
Legal Question
parent's had no will...let oldest of 3 be executor...he now wants to buy parent's house but cannot qualify for loan so wants us to carry paper for him...how can we carry paper but also protect our wives if something should happen to us? If one of us should die we can see oldest sibling trying to get our share away from our spouse's & don't want that to happen.
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Legal Answer
It should be handled like a sale to a third party, with a sales contract and recorded deed of trust to secure your loan against the property. This will protect your spouses, as you have an asset (the promissory note secured by deed of trust) that you can leave them in your will or trust.
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Christopher B. Johnson, Attorney at Law 790 East Colorado Boulevard, Ninth Floor Pasadena, CA 91101
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