Buying my mom's property

[Gene]

Jurisdiction

North Carolina

My mom lives on very limited income and her 4 acres are the only asset that she has. I would guess that the value of the property is around 100K. I'm afraid that she is about to lose the land and will not have anywhere to live (I'm in Oklahoma and she is in N.C.) I'm thinking about offering her $300-$400 a month for life, if she puts the land in my name. I would allow her to live there until death and then sell the property. She is a border-line nut job and I really don't trust any kind of deal with her, I don't think any kind of joint ownership will work.

What are the legal pitfalls of this plan?
Are there other ways of doing this?

Thanks, Gene

 

[ElleMD]

You really need to speak with a real estate attorney to discuss your options here. This is outside the scope of what a message board can do.