An older family member in Oregon is worried about the language of his sale agreement contract, written by an attorney in his small town. We'll call this family member John.
John's mother died and left her property in a revocable living trust, with John and his sister as co-trustees with 50% of the property each. Both parties now want to transfer ownership of the property to the sister. In the contract, John is listed as the "seller" and sister as the "buyer." John is worried about getting taxed for sale of the whole property because of this, when he only wants to sell his half of the property value. Is this a justified worry? Should he be the only listed "seller" and she the only listed "buyer"? The attorney drafting the sale agreement also refused to represent both of them, only representing the sister. There are, to my knowledge, no conflicting interests between John and sister. Is this odd or common practice on the part of the attorney?
I had believed that in a sale agreement like this, the "seller" would be the trust itself? Or is this with "beneficiaries" rather than "co-trustees" of the revocable living trust?
Thank you so much for any help / advice!