Q: I own a vacation home with my sister we inherited years ago. Recently she approached me about buying out my half of the house. We get along well, and I rarely use the property, while she practically lives there, so this seems fair. But I do not want to cause any problems because of the transfer. How can we protect against this turning out bad? — Raoul
A: I have seen many solid relationships turn bad once money became involved. This is often caused by each party understanding the deal differently than the other because of too many assumptions and poor communication. It is usually agreed to verbally and sealed with a handshake.
Unfortunately, memories fade, and misunderstandings occur.
