Here’s the scenario:
Parents are in their mid 80’s and it’s harder and harder for them to maintain their property. They live from 8-11 hours away from their four sons.
The guy next door has been interested in buying it and (I’m getting this second hand from my dad) mentioned that they could keep living there. it’s a small business so he pretty much just wants to control the property I think.
I know this is not an uncommon situation but here is the wrinkle… they can’t keep living here on their own. The purpose of the “lifetime” interest would be not to have to deal with all of their belongings and junk which he couldn’t bear to do emotionally. Plus he built this house himself and wouldn’t want to see it being occupied by somebody else during his lifetime for fear they would not take care of it.
They couldn’t actually maintain a tenancy…they would just want to have a continuing sale with what happens. They’d probably move nearer they boys…we would probably bring them down here in the summer for a couple months at a time.
Thoughts?