Since the house is in a trust, in order to answer your questions, I'd have to read the trust. ?The trustee(s) have a legal obligation to act in your best interest as a beneficiary of the trust and they are required to give you regular statements of the trust's assets and transactions. Unfortunately, many parents, unintentionally, wind up tearing their children apart with poor estate plans like this one. ? An $11,000 fee on a land contract? ?In most places the fee for a land contract is one month's rent (with a full commission being paid if the tenant buys the house within a set time - say 2 years). ?Unless this place is a mansion that rents for over $10 grand a month, somebody's getting ripped off here. ?The vast majority of land contracts never result in a sale (if the tenants had good credit and enough income to buy the place, they would have bought it not rented it.)
Answered on Jun 17th, 2015 at 1:56 PM