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.
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