Q: What are my protections when selling my portion of parents estate to my sibling? He will pay me over 7 year period.
I am concerned about what happens if he dies or sells the home before the 7 years of payments are made.
The estate is in Georgia. I live in Florida and the brother and a sister live in Georgia.
A:
In order to adequately protect yourself, you will need to secure the repayment against the property through a promissory note and security deed. It is the only legal way to ensure you are paid as scheduled. This will not only give you the ability to foreclose on the property if not paid as scheduled but also give you priority against other creditors who may attach liens to the property against your brother or sister.
Schedule a free consultation to make sure your interest in the property is protected.
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