Glenda Stamer

I purchased a rental property as tenants in common with one of my sons, with 80% shares in his favour. There is an outstanding mortgage of 40%. Because I am a low-income retiree, my son, who has a high income, wants to transfer all beneficial interest to me to supplement my pension. He proposed the following conditions as a business arrangement: a) I take on the responsibility of managing property and absorb all costs associated with rental and maintenance b) The mortgage will be paid out of rental income c) To compensate his lost income, in addition to a), my shares of this property will be transferred exclusively to him as part of the inheritance estate. Would TSEM4200 - Settlements legislation apply to such an arrangement? Your expert advice would be most appreciated.