Land contract rules

[Vbaum]

My father set up a "revocable trust" in the 4 children's name for his home 8 yrs ago. Father wants (& children desires) him to move to assisted living, so children and father wish to sell home to his grandchild on Land Contract. The monthly payments will help pay for the assisted living costs.
Does WI require charging interest to buyer on Land Contract? If required, what is minimum interest and is the interest Wi & Fed taxable for the Trust (seller)?
Who pays the property taxes during the contract?
Who pays for homeowners insurance?

Thank You!

 

[army judge]

My father set up a "revocable trust" in the 4 children's name for his home 8 yrs ago. Father wants (& children desires) him to move to assisted living, so children and father wish to sell home to his grandchild on Land Contract. The monthly payments will help pay for the assisted living costs.
Does WI require charging interest to buyer on Land Contract? If required, what is minimum interest and is the interest Wi & Fed taxable for the Trust (seller)?
Who pays the property taxes during the contract?
Who pays for homeowners insurance?

Thank You!

You should consult a real estate attorney before you do anything. It usually isn't possible to sell a home, when a senior is in such a condition.

Social insecurity often prevents such sales. Before you do anything, even rent the home, contact an attorney. Alternatively, speak with social insecurity.

It might be possible to rent the home, but that is if ten restricted. So, stop and seek proper legal guidance. If you don't, you might regret it.


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