My in laws had a second home that they said they would sell to my husband and I. We added approximately $40,000 in value to the home by building on and remodeling. We were suppose to do a contract for deed between the four of us but now they are worried about 'tax implications' and 'gifting laws' yet we are paying them a monthly payment. The house is free and clear, we came to an agreed purchase price, and my husband receives the house FREE and CLEAR at the time of their death, it is stated in their will. HERE is my problem. If something happens to my husband I have NOTHING to prove of our agreement. I don't care if the house is in our name but what can I do to protect me? The money we spent on the remodel and addition was my money too so I should benefit from the increase in value. Help!
Answer
An oral agreement regarding real estate is completely worthless. You need a contract in writing signed by both of your in laws.
Answer
The above answer is correct. There are several different ways you can get the protection you are looking for. You should consult with an attorney in your area.
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