Legal Question in Family Law in North Carolina
I know an elderly woman who says she sold her home to her son for about a third of it's market value, with the understanding that she could live there until she died. Thirty days after she moved in, she was asked to "make other arrangments" by the daughter-in-law. She says her staying there was a verbal agreement, and therefore not documented.
Does she have any legal recourse to recover either lost equity or housing costs?
1 Answer from Attorneys
The elderly lady was not very smart. It is not ethical to discuss her options with you, but she needs to see an elder law attorney immediately to see if this transaction can be undone.
She should not have deeded away her house without keeping a life estate for herself in the home. The life estate would have given her the right to stay in the house. However, if the transaction is upheld, then neither lost equity or housing is recoverable.
A house is worth only what a willing buyere is willing to pay for it and what a willing seller is willing to sell it for. Whatever deal this lady worked out with her son was between them. If she was willing to sell the land for less because this was her son, nobody is going to question that unless there was some kind of fraud. And if it was not in writing, it does not count where land is concerned.
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.
