I live in my my parents old home. It was my grandparents before theirs. It has been paid for, for a number of years. Originally we agreed to a purchase price of $15K for the substandard structure & the acre of land. Following Hurricane Rita, their insurance adjuster came out, totaled out the structure (I was present for the inspection, and ordered to be quiet) my parents were cut a check for almost $18K. They canceled the insurance on this property following that, and almost 2 years later, they are now back to demanding I pay them the $15K again. Are they not, in a sense, being paid twice, for one piece of land? Does it not border on insurance fraud?
Mind you, I did all the clean up and improvements to the land that they were compensated for already, and got nothing.
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Basically, yes, we had a *gentleman's agreement* They inherited this piece of property, and it was always assumed I would as well, and the issue was never forced that I would have to pay for it. But they also led the insurance company to beleive they lived here as well. They have become quite greedy, and the fact is, they are not spending it, and they can't take it with them..