Full question:
I own two properties, not paid off. I want to convey the right to purchase the properties to my mother and daughter if I die. How can I do this?
- Category: Real Property
- Subcategory: Sales
- Date:
- State: Washington
Answer:
To convey the right to purchase your properties to your mother and daughter upon your death, you have a few options:
1. **Right of First Refusal**: This legal document allows your mother and daughter to match any offers you receive for the properties, ensuring they have the first opportunity to buy them. Unlike a will, which can be changed without their knowledge, a right of first refusal provides a more secure option.
2. **Will Provisions**: You can include specific instructions in your will that grant your mother and daughter the right to purchase the properties. However, keep in mind that wills can also be changed at any time.
3. **Trust**: Consider transferring the properties into a trust. You can instruct the trustee on how to handle the sale of the properties upon your death, providing additional security for your beneficiaries.
Before proceeding, consult a local attorney to review your specific situation and documents. They can help you navigate any tax implications and ensure compliance with any mortgage agreements, especially regarding due-on-sale clauses that may require lender approval for property transfers.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.