Legal Question in Real Estate Law in Iowa
Elderly parents willing to sell farm home valued between 300-400,000 but a grandson wants to pay 150,000. Rest of family is upset n parents think it's fine..not to with it any more..thinking it will be a tax break ..we think it's more of a gift n should have gift tax if this is the case..very shady but our family has never fought or thought any thing like this would happen..do the rest of us need an atty. To prevent this or force a fair market value purchase?
1 Answer from Attorneys
If this property is owned by your parents, they can do with it as they please. Many people have the mistaken impression that they have a right to property that they might inherit someday. There may well be tax consequences, but again that would be up to your parents. Assuming they are mentally competent to manage their own affairs, an attorney would not be able to force them to sell, not sell, or sell for a particular price. However, if you think they are not mentally competent you may want to discuss the situation with a probate attorney.
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