Promise Acre: Our Journey

[promiseacres]

Wouldn't hurt to talk to the lawyer BEFORE you buy the property and figure out what the best route is.

yep... I told DH that the other day... it's TIME!

 

[promiseacres]

ok getting there. I think. had a good conversation with Mom Sunday. Not sure we agree on all points but are going to get an apt with a lawyer. Sent more papers to the loan officer.
Had a good weekend camping. Came home to my haflinger a bit sore on the front (he has foundered in the past) Chore girl fed the wrong hay. I told her via text and on the chore sheet get the hay out of the TRAILER, she got the new fresh higher quality hay out of the shed !! DH stilll says it's my fault...
have 2 rabbit's due for litters this week. and am down to 3 VL for sale, and had 2 inquiries over the weekend on them. Now if I can get the mini rex to move... have a show in Oct. hoping can move some of them then.

 

[Mike CHS]

I'm glad to see you getting a lawyer involved. Family verbal "Agreements" have a tendency to ruin many otherwise healthy relationships. Especially with one getting closer to an elderly state.

 

[Bruce]

That is for sure, ask @CntryBoy777.

Everyone should be comfortable with a legal agreement whether they think they need it or not.

 

[greybeard]

And, imo..each & all parties should have their own independent attorney.

 

[Mini Horses]

You are 'getting the loan' but she's going to "pay it off"?


So you can't count on that happening. AGREE, attorney to set up agreements. Also, just because she pays off a debt does NOT make the property switch to her name. Heck, she can pay the balance of mine for me....

 

[Baymule]

Do you have any brothers or sisters that would "want their share"? A lawyer would definitely be needed.

 

[Bruce]

Yep, and if Mom owns the place that is a distinct possibility.

 

[greybeard]

Do you have any brothers or sisters that would "want their share"? A lawyer would definitely be needed.

That seems a bit 'premature' at this point in time. Proceeds from sale of her home I would think would be hers. I'm sure all hope she lives a very long life and may need the cash yet, which is why I said "each and all parties (including her) should have their own attorney".

Running out of $$ before running out of life can be just about as bad as the opposite scenario.

 

[promiseacres]

ok. so seeing the lawyer tomorrow morning. the appraisal is done and just waiting for the report, maybe today??
In any case we're moving right along.
My Mom intially wanted to do a "basic" trust and just leave everything, $, ect (with some of her spending habits.. don't know what that will be...) to myself, my 2 sisters and my niece (who will get her Mom's share). Which is fine... but my share needs to be the farm and we don't want to have to buy them out. I think it's a given that in the future the property will be appraised for more money that we are paying for it AND with us putting our time and money and effort into it. We need the farm protected for us, especially if something else did happen to my DH since he's our only income. @greybeard At this time Mom doesn't want a separate lawyer...

We are truly trying to be as fair as possible. Right now since she made the orginal offer on the farm hers, mine and DH's name will be on the property since we're getting the loan. Probably should have not looked at properties until hers was sold I guess. But this farm came along and at such a great price... We're all for her focusing her $ on building her home and us continuing paying the mortgage once we get the house livable for the kids and our current home sold. She could hang out and just be retired. But right now she's insistant that she pay off the farm mortgage ASAP... she is still insistant on keeping 5 horses.. which at this point she doesn't even have enough hay to feed them this winter.
And having found out some of her financial decisions... we're justifiably worried. For example she bought my niece a car last year (she's a single Mom, has health issues, ect) it immediatly had major problems. Mom paid for it to be fixed... so niece decided after that she didn't want it but wanted a different car and Mom helped her get it. So Mom paid off the first car and gave it to her brother. But she still thinks she'll have tons of money after it's all said and done. Like her insisting on fencing all 20 acres (even though we're only planning on 5 acres for pens/pastures). We can't even plan on making 100% of our own hay next year b/c of the work the pasture/land needs. only 3 acres will be ready for planting in the spring. The rest needs tiling to make it truly usable as either hay or pasture. IDK. Things you do to get your dream place.... We'll see what the lawyer says tomorrow. Right now she can't buy it without us and we can't buy it without her.