Legal Question in Real Estate Law in Minnesota

farm contract

Hi, I have two uncles that have agreed to have a contract of some type. Saying I can buy/have the homeplace of their 150 acre farm which would be about 16 acres. What is the best contract to have written up? They are open to anything. I would not move in untell after both have past away or moved out. I want to make sure I have 16 acres guranteed and it will not be void if they pass away.

Thank you!


Asked on 3/31/03, 12:09 am

1 Answer from Attorneys
David Kelly-952-544-6356 Kelly Law Office

Re: farm contract

Sounds as if you might do well with a quit claim deed to you, retaining a life estate in favor of your uncles. This makes it your place - but only after they die.

Some accountants worry about the capital gains implications of this method; but so far it seems to be working well for my clients.

There are other options you could consider. Get off the internet and make an appointment with a lawyer who does real estate, wills and probate (like me).

Good luck.

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Answered on 3/31/03, 11:33 am


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