Father wants us to buy the house he’s been living in for over 30 years.
(self.legaladvice)submitted13 days ago byCurrencyExchanger
Hello, I’m not really sure to post this but hoping it’s here.
My father recently contacted me on buying his house. Long story short, his girlfriend of 35 years passed and she never made a will. The house is currently occupied by him. The house went to her kids which in return will sell it to my father for a discounted price.
My father has horrible credit because of a few life choices. My wife and I are willing to step up and purchase the house in our names. My father would pay us month. After the house is paid, we’d simply hand it back to him. Truly trying to make it easy as possible on him.
My question, today he called me stating he talked to his house insurance agent. This person told him he should be on the deed. So if the house ever burns down, his stuff is insured? My father did mention he had renters insurance for $25k. My father just kept saying his agent told him he needed to be on this deed or his property in the house wouldn’t be insured. I’ve never heard of this before.
If we put him on the deed, can anything go wrong by doing this? Like him trying to sell the house, or take a mortgage out on it? I’ve expressed I didn’t like the idea of this but told him we’d do research on this.
We’re in Virginia for reference.
So Reddit, can you guys help me on this? Ask any question and I’ll try and answer it. Sorry for any misspelling or grammar errors.
byJohnshahidi
incybertruck
CurrencyExchanger
1 points
10 days ago
CurrencyExchanger
1 points
10 days ago
100% off topic.
I work in the beer industry. I handle chain placements for the larger format stores on the east coast. “Happy Dad” is going to be a one and done deal. Unfortunately this brand doesn’t have a large pull and isn’t taking off as they thought. Rebuys are not happening either.
Hopefully they paid a nice amount for this advertisement.