Legal Question in Real Estate Law in Massachusetts

Buying home from Aunt

I am buying a house from my aunt because she is in financial difficulties. She is giving me a gift of equity as my downpayment 20%. Its a win/win situation for both. However, she wants to be coowner getting 50% of all future profits if the house is sold. Does this sound like a good thing to do? Also how do you work out investments made in the house by myself. For instance, if I invest 20K of my own money and that appreciates the house by 50K? I would like to hear imput on this.


Asked on 5/30/08, 9:43 am

2 Answers from Attorneys
Joseph Murray Joseph M. Murray, Esq.

Re: Buying home from Aunt

Consider retaining an attorney to perhaps draft a trust to which you could convey title, but recognize differing equity interests in the number of beneficial shares held by you and your aunt.

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Answered on 5/30/08, 10:52 am

Re: Buying home from Aunt

You need an agreement between you and your aunt that works out all the details for both of you. I would use an attorney for this, amongst other reasons to allow her and you to have protection in the future if she needs medicaid assistance.

Please feel free to contact me if you need assistance or have additional questions.

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Answered on 5/30/08, 11:20 am


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