In your letter of May 20, 1991, you request an advisory opinion from the Judicial Inquiry
Commission on the following questions:
“Two of my children will be a Senior and a Freshman next year at
_______ University. To finance their education, I am selling a building
that my wife and I own. An attorney who is a sole practitioner has offered
to purchase the building with a substantial down payment. He proposes
that my wife and I finance the remaining balance over a five-year period.
In the event we do not complete the transaction before school starts,
another option would be for me and my wife to borrow money on the
building to pre-pay the costs of tuition. The attorney would then make a
down payment equal to our net equity, assume our loan and make all
payments to the lending institution to whom he would be responsible.