Legal Question in Real Estate Law in New Jersey
Not sure which Legal Document to buy
Hello - My Husband & I are lending my Sister a large sum of $ to buy-out her ex-husband from their deed. She is handling her legal afffairs. She & I are both on my elder fathers deed in a ''Living Trust''. Here's my question; I want a legal doc. stating that we are lending this money to her & if possible to apply this large loan to the future buy-out price (with fair acessment) of my fathers home when he passes (Provided he doesn't need long-term care - at which point it would then become a loan). Which documents do I purchase? Do I need to charge her interest to protect myself? My husband & I sold our home & moved in with Dad as the estate was going into ruin (Dad is 83 & has health problems) & as we would someday like to purchase the home (my childhood home) we are investing a good deal of $ into keeping it up. I would like to do major renovation but as my Sister has done nothing to help here - I am not comfortable adding value to an estate that I am going to eventually have to share with her . Help Please! Thank You in advance.
2 Answers from Attorneys
Re: Not sure which Legal Document to buy
You are trying to act as your own attorney in a matter involving tens of thousands of dollars and a fairly complex situation.
No attorney in his/her right mind would try to tell you how to do this yourself. The chances are HUGE that you will not get the results you want.
Please, please, go hire an experienced attorney who can assist you.
Re: Not sure which Legal Document to buy
There are things you can do to protect your current improvements as well as the funds that you are lending to your sister.
The options are fact specific. The reality that everybody doesn't do it right drives up attorney's legal malpractice premiums. Of course if you don't do it correctly you will only be out your own money.
Good luck to you.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
