Morris, IL asked in Probate for Illinois

Q: I'm looking to be sure I fully understand the below agreement between my brother and I in regards to an estate:

I withdrew last names:

Brandon agrees to pay Brooke 20% of actual cash value (ACV) of the

above listed property after all debt (current and unknown) and fees paid relevant to

Marilyn and Mark’s estate and property.

Fees include but are not limited to active real estate mortgage, unresolved IRS and

Illinois taxes, Cook County property taxes, home insurance, attorney/legal fees,

unknown debt and collections, out of pocket construction and maintenance to sustain

above said real estate.

Brandon agrees to pay Brooke the 20% of ACV after all the following have been

completed:

● Marilyn and Mark estates have been settled and closed

● Real estate title is free and clear, and transferred to Brandon

● New mortgage is obtained in Brandon's name

Upon payment of property, Brooke relinquishes rights to above said estates

and/or property.

Related Topics:
1 Lawyer Answer

Nina Whitehurst

PREMIUM
Answered
  • Probate Lawyer
  • Crossville, TN

A: What is your question?

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.