Property sale proposal

[Randall E Collins]

This post is directed toward professionals who know real estate in and out. I own land and a fairly new mobile home in Henderson Co. Texas. I have stage four COPD and I'm not expected to live much longer. My daughter is the sole beneficiary of all my belongings upon my death. However, I have received an offer on my property from a very good and trustworthy friend that I have agreed to accept. I have spoken with my daughter and she has agreed as well. He has proposed to pay me a certain amount towards the sale of my property until my death. If I die before receiving the full purchase amount my friend will pay my daughter the remainder. Would someone please tell me what sort of contractual agreement should I draft and or title?"

[Chris Seveney]

Quote from @Randall E Collins:

This post is directed toward professionals who know real estate in and out. I own land and a fairly new mobile home in Henderson Co. Texas. I have stage four COPD and I'm not expected to live much longer. My daughter is the sole beneficiary of all my belongings upon my death. However, I have received an offer on my property from a very good and trustworthy friend that I have agreed to accept. I have spoken with my daughter and she has agreed as well. He has proposed to pay me a certain amount towards the sale of my property until my death. If I die before receiving the full purchase amount my friend will pay my daughter the remainder. Would someone please tell me what sort of contractual agreement should I draft and or title?"

Very sorry to hear this. To answer your question, You would need to get an attorney involved and just issue a mortgage and note along with having a will that your daughter would inherit this. My recommendation would be to setup a living trust so the asset(s) do not need to go through probate. Please note though this is an asset on your estate and if you have debts those also need to be resolved/paid which could complicate things - thus why I strongly recommend an estate planning attorney and a real estate attorney.