You're family needs to meet with an estate planning attorney. If your dad doesn't have a will that deals with this, you have a potential disaster on your hands. Creating or amending a will to reflect a change in circumstance is not a morbid thing, but a kind and thoughtful process. Everyone will die someday, and leaving those we love without our intentions is cruel and potentially a financial mess. The State will enforce their intentions on your familyâ€™s estate if your parents don't set up the right plans. Get your parents to an attorney as soon as possible, not just for this situation, but for everything.
2. Price paid is determined by the agreed upon price between seller and buyer, it can be way under or over the market value, as long as the two parties agree.
3. Whoever owns the deed in the end also owns whatever is attached to it--loans, etc.
If I wanted to sell a home, that I owned outright, I can decide the price I sell it for... $5 bucks, $250K or $500K.
Dan is correct. The law firm of Scott, Tokerud & McCarty can help your family with estate planning in GF. Dan Levine is another good source as a real estate attorney.