'I recently sold my condo so that I can buy a 'forever' home with my son and his wife. Both parties will contribute a down payment of $175,000. How can I ensure I'd get not only my initial investment, but any capital gains if the house is sold?'
I recently sold my condo so that I can buy a “forever” home with my son and his wife . We agreed to put my name on the deed, along with their names. My name will not be on the mortgage, which they will pay. Depending on the cost of the home, I will contribute a down payment of $175,000 and they also will put down $175,000. I am concerned that should some unexpected event happen in the future , I would like to get not only my initial investment, but any capital gains if the house is sold.
I’d start by having everyone separately answering a number of questions to make sure you’re on the same page. These could include the following: 2. What happens if any of you decide you don’t like the arrangement or that you would like to move out for any reason? 6. As you brought up, if the property were sold how should the proceeds be distributed? Perhaps you should receive half if this were to occur soon, but a third if it were to happen several decades from now after your son and daughter-in-law had made substantial mortgage payments. Or you should receive more early on if you invest in the granny house.
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