Legal Question in Wills and Trusts in New York
my father has passed away. i want to buy his house but rent with option because i can't get financing to purchase outright. can i do it that way? the lawyer my father had said no,yes,no. he says if i want the house i have to have cash. can anyone tell me the true answer?
2 Answers from Attorneys
Without reading the will it is difficult to comment. Who was the beneficiary of the house?
If the other heirs do not object, the house could stay in the name of the estate, and you could rent.
I agree that this is a decision by the heirs, not the attorney. If all heirs agree, go for it. As an alternative, why not have the other heirs act like a bank and provide the financing. Of course, the situation may be compounded if there are death taxes and no liquidity to pay the bill.
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