Legal Question in Real Estate Law in Minnesota

buying a home with an adult child and her spouse and grandchild

i own my own home without a mortgage. my children and grandchild live with me. we want to buy a new home with more space and an apartment in the home for myself. i want to sell my home and use the money for the downpayment on the new home. they will mortgage the rest of the home and i will live free for the rest of my life. the home would be there's upon my death. how should the deed be listed and should it just be listed in my name and my child excluding the spouse? i want to protect myself and i have a great relationship with my children and her spouse right now.


Asked on 6/10/08, 3:20 pm

1 Answer from Attorneys
Sam Calvert Calvert Law Office

Re: buying a home with an adult child and her spouse and grandchild

You need to sit down with an attorney in your area and get this worked out. One immediate problem: The lender will probably require a loan on the whole house, not just you kid's "half", so if they don't/can't pay you will get to buy the house again. Also, are you "disinheriting" other children (if you have any). Also, what happens if you need to go into assisted living? Lots of issues, consult an attorney near you.

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Answered on 6/10/08, 10:32 pm


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