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When do you cut someone off financially?

 
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SamoneLenior View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SamoneLenior Quote  Post ReplyReply Direct Link To This Post Posted: Feb 03 2013 at 9:18am

oh wow, that is very generous of you

Derri and niecy gave some good advice

put everything out on the table now
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Spokenword View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Spokenword Quote  Post ReplyReply Direct Link To This Post Posted: Feb 03 2013 at 9:18am
i agree with the others. since nothing has been signed, you should discuss/make clear of all the details on what y'all will do and what they will be responsible for BEFOREHAND and stick to it.


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iGotSunshine View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote iGotSunshine Quote  Post ReplyReply Direct Link To This Post Posted: Feb 03 2013 at 9:22am
Thank you ladies!
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Post Options Post Options   Thanks (3) Thanks(3)   Quote Miss SDY Quote  Post ReplyReply Direct Link To This Post Posted: Feb 03 2013 at 9:24am
If you are kind enough to purchase a home for someone, you are under no obligation to furnish and keep it insured as well.. unless you are feeling super generous and want to..

Can't they afford insurance every 6 months and furnish it or they can but don't want to?

Bc if its the lather then you might need to reconsider this purchase... Tbh, I don't think you should if they can't afford it either..

Unless you want to pay for upkeep forever..





Edited by Miss SDY - Feb 03 2013 at 9:26am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Spokenword Quote  Post ReplyReply Direct Link To This Post Posted: Feb 03 2013 at 9:27am
also, if you guys are offering to also buy furniture, it may be best to come up with the figure beforehand so there will be no surprises

i hope they are the type that are appreciative and do not have a sense of entitlement. 

good for you to be able to do this! I am hoping i can bless my mother with a few things later in life. 
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Post Options Post Options   Thanks (7) Thanks(7)   Quote maysay1 Quote  Post ReplyReply Direct Link To This Post Posted: Feb 03 2013 at 10:11am
Are you buying the home and they are renting it from you? (even if it's just token rent that's enough to cover insurance and repairs and taxes).

This is one of those times where I would get a lawyer involved to draw up a rental contract/agreement. It sounds great to buy someone a house...until a few years down the line when they've destroyed it or let the insurance lapse or not paid the taxes. Then you end up in a bad position (either financially or stress wise from dealing with the drama) and you can't even put them out because of their tenants' rights (which every state has).

I don't know what you've said to them already or if they're family or what the deal is...but especially if they're family...you owe it to them and yourself to make sure everyone is protected legally. Deal with this now to avoid problems down the line.
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Post Options Post Options   Thanks (3) Thanks(3)   Quote melikey Quote  Post ReplyReply Direct Link To This Post Posted: Feb 03 2013 at 10:40am
there are signs of this not ending well.
good luck OP, but remember that houses can be auctioned because of unpaid taxes even if the home is owned outright. and if that happens a good chunk of the equity will be gone in fees and to pay off any other liens on the property. 
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Post Options Post Options   Thanks (4) Thanks(4)   Quote ThoughtCouture Quote  Post ReplyReply Direct Link To This Post Posted: Feb 03 2013 at 10:40am
will the deed be in their name or yours?   in other words, is this home really a gift to them?
 
either way, i think it is a lil pushy for a person on the recieving end to ask for more than what you inteded to give as a gift...just make sure you make clear what the gift does or does not include.
 
furniture from walmart is funny as hell tho...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ThoughtCouture Quote  Post ReplyReply Direct Link To This Post Posted: Feb 03 2013 at 10:42am
notices are recieved well in advance of a tax sale if the op plans to keep her name on the deed and/or tax bill...
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Post Options Post Options   Thanks (2) Thanks(2)   Quote Lady ICE Quote  Post ReplyReply Direct Link To This Post Posted: Feb 03 2013 at 10:44am
Originally posted by iGotSunshine iGotSunshine wrote:

I'm just really annoyed right now

Anywhoo if you bought someone a house do you think they should expect you to furnish it and keep up the insurance payments too?
if i bought a house i would be living in it...and yes i will furnish it for me.....LOLConfusedGeek

yeah no but seriously...the cut off was after you bought the house. i cant see myself doing all that for a place im not gonna be in. i love my moms but...she know whats up.SleepySmile


LOLjk i still love you mom.Ermm


Edited by Lady ICE - Feb 03 2013 at 10:46am
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