Legal Question in Real Estate Law in Virginia
Hi. My brother and I would like to purchase raw hunting land from our grandfather. The property is located in Virginia. My grandfather has arbitrarily thrown out a purchase price of $100,000. Does the land need to be appraised? My grandfather is willing to accept monthly payments of $1,000 until both he and my grandmother pass away. At that point, monthlhy payments would cease. Is this legal? What would be the appropriate way to proceed or structure this type of transcation? Thanks.
1 Answer from Attorneys
Yes, this land should be appraised for its fair market value.
Furthermore, if you're purchasing the property from your grandfather, there needs to be a purchase agreement which sets forth the terms of the transaction and what is to happen upon the demise of the sellers(grandparents).
And, if in fact your grandparents intend to make you a testamentary grant of this property upon their passing, then this would also likely need to be referenced in each of their respective wills.
Better see a local attorney who can put it all together for you.
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