Real Estate Law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.
Your wife would want to do a second note and deed of trust here on the new house.You need the daughter to sign it.You can have her make regular payments or a balloon.This is the only way your wife has any legal protections.Your wife here can have title company or local real estate lawyer draw up the promissory note and deed of trust.This protects your wife in the even she needs the money in her life.Otherwise daughter may argue it was a gift later on.All you can do here is seek to have her sign these.It would give your wife right to foreclose in the event of default here in Iowa.
I appreciate the chance to help you tonight.Thanks again and the best.
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Happy Thanksgiving to you too.
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