Legal Question in Real Estate Law in Florida

Property sale

Asking on behalf of my 84-yr-old mother:

1. My 43-yr-old brother owed my father $40,000 at dad's death 2. Mom didn't have money when dad died 3. Brother purchased FL property giving mother monthly payments so she would have that monthly income 4. He paid in '03, '04 and '05

5. By the end of '05, when he paid her off, property value had gone from $40,000 to $200,000 tax value 6. It is now at $305,000 tax value 7. Mom is upset that when he paid her off (total price including interest = $45,000), he knew the tax value had skyrocketed 8. Does she have any recourse-possibly based on fraud-to regain some of that money in an adjusted sales price? No formal contract was drawn up since it was a ''family'' transaction. Had I not been in a marital problems situation last year, I would have looked more closely at the final stages of this real estate transaction. Brother is married to a very selfish lady I might add, but his name alone appears on the FL property. Both mom and brother are residents of the State of Minnesota. Thanks for any input.


Asked on 11/12/06, 11:36 am

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Property sale

There was no way your brother could have predicted the tremendous appreciation of the property. Since he was the record owner, he received the benefit of the bargain, and your mother received payments on her $40K. She could invest her money elsewhere to receive a stream of income on the investment similar to what she had with your brother. Be sure she seeks professional financial advice.

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Answered on 11/12/06, 1:02 pm


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