Q: We are in the process of moving out of NYS to FL. We own a home in both states and will be leaving the NYS address.
Our granddaughter wants our house, however not sure the best way to approach. Home is worth around $100K (realators appraisals). Granddaughter only has a part time job, no credit line. This is a sticky situation and and want to know how best to proceed.
A:
There are several options, but they should be discussed in person with an attorney where you live. If you do not need the money from the sale of the NYS property right away, you could sell the property to your granddaughter and have her sign a Note and a Mortgage giving you a lien on the property. She would be obligated to send you monthly payments. You would be taking a risk, however, because despite her best intentions, if she fails to make one or more payments, are you really prepared to foreclose? An alternative could be a lease purchase.
It's always difficult when a parent or grandparent wants to help out a child or grandchild. Sometimes the best advice is to say no. Anyway, please talk with an attorney to see what is in your best interests.
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