My sister who has power of attorney over my mothers home purchased my mothers home for $87,400, it is appraised at $152,000. Is this legal?
Asked on 10/06/11, 6:38 am
1 Answer from Attorneys
John Heffernan
Heffernan Legal Group, LLP
It's "legal" in the sense that she has the legal power to do it, but it could be set aside by a court, or she could be what the law calls "surcharged" the difference between what she paid and the fair market value. But a) when and by whom was it appraised and b) was there some other consideration beside the $87,400, such as a binding commitment to have mom live there for life, etc?
Answered on 10/06/11, 6:55 am
