Legal Question in Real Estate Law in Virginia

Re: Mom wants to sell VA Beach house and move to NJ

If all children are in agreement, this is not a problem. The children should put something in writing, signed by all of them, acknowledging what is to happen with both properties (Mom is making a gift to the NJ daughter so she can buy the condo, daughter is presumably assuming sole responsibility for the mortgage, plus give someone authority to sell the VA property and divide the proceeds between all children). This can be done by a Power of Attorney, with specific directions. I recommend that the Deed into your sister provide language allowing your mother a life estate in the NJ condo, so she is assured a place to live, since she will not be on the Deed or mortgage. These are matters I can assist you with both in NJ and the documents needed for the VA sale and the Power of Attorney needed for it.

Re: Mom wants to sell VA Beach house and move to NJ

I think Mr. LeVine's solution is unnecessarily complex. Also, the bank will likely object to financing subject to the life estate for the same reason it would require all record owners to sign on the mortgage. Your mother's concerns can be addressed another way. Finally, your mother can do what she wants with her money, so there is no need for you and your siblings to agree to any part of the arrangement.

Feel free to call me to discuss this further. I do not charge a fee for the initial consultation.