Illegal or on to something?

[Account Closed]

I'm going to try and make a long story short here. I'm trying to purchase a house from an older women. She lives in a nursing home because her home was deemed unsafe to live in by the town. This women is willing to let the property go for very cheap and we came to an oral agreement. The problem is, she is very old and has no family to give her advice and her lawyer is out of town but being a very great deal for me I would like to get this in writing asap. Is it illegal to present her a contract through a personal meeting between just me and her? Or does someone have to be there to consult and witness her decisions? Any suggestions are appreciated.

[Laura Alamery]

As long as she is of "sound mind," sure, she can sign a contract. I have had real estate investors well up in age. My oldest investor was 89 years old buying and selling investment properties!

There is a legal clause that anyone over 65 years of age can cancel any binding contract within 15 days of acceptance and if any monies were exchanged, it would have to be returned.

Like JC said, unfortunately most lawyers will kill deals. :) If you know in your heart it is a fair deal and a win-win situation, I don't see a problem. Go for it!