If im in a legal binding contract to sign over a piece of property to a family member, is there a time frame on this contract?
Its at least 14 years old.
Also if said family member dies, can there children sue me to complete the contract?
1 Answer from Attorneys
Depends primarily on the express terms of the agreement; it's worth mentioning that there is a 6 year statute of limitations on contracts in NY and NY has a "Rule Against Perpetuities" which has two parts to it, the first makes it unlawful to "tie up" or restrain alienation of property for 21 years, the other bans "remote contingencies." Information on that subject, which may or may not be applicable to your scenario, but I'd need to know more, can be found here: http://rmfpc.com/the-rule-against-perpetuities-lives-on-2/
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