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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22977
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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Am 75 years old. Sold my house to son and daughter in law who

Customer Question

Am 75 years old. Sold my house to son and daughter in law who had only $20 000 as deposit, the rest to be forgiven at my death. Is this legal ?
Submitted: 2 years ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 2 years ago.
This is quite legitimate and is done by others from time to time. If you are looking to utilise the rest home subsidy however, this will be regarded as an asset and will affect whether you get the subsidy or not. Although the debt is to be forgiven at your death, it remains a debt owing to you until then. The debt is therefore an asset. If this is not a problem for you, then this transaction should proceed without any problem