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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 35868
Experience:  16 years real estate, Realtor. Landlord 26 years
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We are currently living with my Father. We would like to buy

Customer Question

We are currently living with my Father. We would like to buy the 1/2 of the property we wont inherit. Are contracts available for this? We need nothing to involved. We already have verbal, but would like it as backup for the other half of the family. are you able to furnish a contract?
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Barrister replied 11 months ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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Who is the other party who will inherit? a sibling?

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Has your father confirmed that he is leaving you have and the other person half of the property?

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Will you be paying them for the property you be paying them for the property now or only after they inherit it?

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Thanks

Barrister

Customer: replied 11 months ago.
a sibling. He has verbally confirmed we are getting half of everything. We would pay my Father for their half, for full ownership. What he does with the cash?
Expert:  Barrister replied 11 months ago.

Ok, then if father is agreeing to sell you a 50% interest in the property, then you just pay father 50% of the value of the property and then he gifts it to your sibling now if he wants sibling to have it. Then he would need to change his will to reflect that the remaining 50% that he owns will go to you solely when he passes.

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If he didn't want to give sibling the money now, he can just put it into a bank account and make it "payable on death" (POD) to your sibling so sibling automatically becomes the owner when father passes.

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So you just need a standard purchase contract for real estate to have father and you sign off on where he agrees to sell you 50% of the property now.

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This is a link to a real estate purchase contract for vacant land: CO Real Estate Purchase Contract

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Or for land with a home on it: CO Residential Contract

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I like this site and use it myself when I need a form I don't have. They are professionally drafted and reasonably priced and you can preview them before purchasing.

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Or this gives you the Right of First Refusal to purchase it later: ROFR Purchase Real Estate

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thanks

Barrister