2nd Deal , Owner is 89 years old

[TV1060 0]

First I want to thank everyone at Naked Investor, after reading hundreds of posts and Michael's Book, I have acquired, marketed and closed on my first CA.

Check has been deposited, and on to the next deal.

 

My Question:

The owner of this house, "Next Deal" is 89 years old, living with her daughter, they meet with me, and are open to a CA.

The owner of the house, grandma is also willing to do a CA, so all paperwork will be signed by owner.

With all of the paperwork signed, I am worried about her age.

 

89 Year old Owner

2 Year Lease

_____

 

91 Years old when Tenant/Buyer can buy " What Happens if she dies before then "

Will the Option to Purchase stand, if the owner has died already ?

What do they need to setup to make this a safe investment for a Tenant / Buyer

What do I need to do , to make this safe for me also ?

 

Thanks

Tom

[MichaelC 160]

Tom, congratulations on your first deal, soon-to-be-congrats on your seconds!

One of the reasons I'm so cuddly and likeable is that I am not an attorney. So take any legal opinion here as just that: an opinion. With that disclaimer out of the way, I believe that any agreement the homeowner signs is passed on to her legal heirs in the case of her passing. Meaning the daughter is bound to honor the agreement just as the mother would be.

[TV1060 0]

Ok, thank you for the advice.

That is what I also found searching on the web.

 

Thanks again, this is a great site.

I have learned so much just by reading everyone's posts.

 

Tom

 

 

 

[MichaelC 160]

Happy to help, Tom. Glad to read you're putting all this info to good use.

[<Steve> 82]

Congrats! Tom! on the First CA! The first one is typically the hardest to get.

[BTI 7]

yes, I include a clause that in the event of the death of any party to this agreement that it shall be binding upon any and all heirs... They don't have to be old, read the obits, the young die all the time too.