Legal Question in Wills and Trusts in Pennsylvania
My husband and I currently love in his deceased grandparents house which is currently owned by his parents. We would like to officially buy the house and transfer it to our name. The mother is has reservations because she warns the house to stay in the family and doesn't want us to sell it (we have no intentions of doing so).
Is there some form or agreement in which she could sell us the house but have an exception that we can only resell the home if it is going to another family member?
Or something along those lines. So my husband and I can be actual owners (have equity in it, claim it in our taxes, refinance, etc) but she can still semi exert control over the future ownership of it?
2 Answers from Attorneys
Why is this a probate issue? If the parents own the house and are alive then you need a real estate attorney.
The parents could do many things - give a conditional life estate in the land. You would have no ownership and get to stay on the land for life. There could be no mortgage.
There are restrictions like what you describe but these things are not commonly used nowadays. The courts do not look favorably on agreements which restrict the transfer of land.
How old is the mother and what is the likelihood that she will pass soon? It would be better to either (a) inherit the land (especially if it has gone up a lot in value and is highly appreciated since the parents inherited it) or (b) buy it outright free and clear.
A third way would be to title solely in your husbands' name - I suspect the real issue is that the parents are afraid that you will be entitled to a piece of this property if a divorce occurs. If its clearly that this is husband's separate property then this will not be a concern. You can always be added to the deed later in life when the parents die.
Your husband needs to see a local real estate attorney who practices in the county where the land is located to discuss all options.
This is a bit too complicated to put in short response. If you would give me a call I can walk you through the pros and cons of various options.
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