Inheritance real estate question
Hello everyone. I live in Massachusetts. About 15 years ago when I was in my early 20s my parents bought me a house to live in. I paid rent similar to the mortgage. They bought the house from a local private recreational club. Written into the deed was a stipulation that the club had the right to first refusal in the case of us ever selling it. At the time no biggie. I didn't plan to move. Still don't.
Now 15 plus years the mortgage is paid off and I still live in the house with my wife and teenage kids. Since my parents are getting older they want to move the house into my name to protect the house from any medicare claims. I also realize that has its own can of worms. They are very healthy now but want me to be able to live in my house worry-free.
What issues could we encounter if they moved the house into my name? Do you have to offer it to the private club first even though I have lived here the entire time? What can be done to protect my property and investment? Just seems unfair that I could lose my house because of this.
Posted May 6, 2024, 7:30 PM UTC