Posted on: 07th Feb, 2007 07:34 am
mom & step-dad arrived at my door a few years ago w/a quit claim deed for me re: their land & home. they wanted me to have it so i could sell it if one of them died and the other needed money to be cared for. my step-dad (of 30 yrs) is now in a nursing home w/dementia (alzhiemer's) & my mom is in poor physical health and needs the financial backup. i have a buyer for the property, but greedy step-brother, who is his dad's dpoa, is causing problems, saying there's a life estate clause in the original deed. does that cause a problem selling the property? neither parent is physically able to live on the land anymore.
frankly, you ought to engage the services of an attorney, someone who is well-versed in estate law as well as real estate, if that's possible. at the very least, someone who knows how to solve your issue regarding the distribution of sale proceeds is necessary.
if one of the people listed on the life estate divorces how can the name of that persons spouse be removed
To kia,
You cannot remove someone's name from the title to the property unless that person gives up his/her ownership rights. Does the divorce decree state it clearly as to who should own the property? If the court ordered the divorced person's spouse to give up the ownership rights, he/she will have to sign over his/her interest in the property to the other spouse. Otherwise, it will be difficult for a person to remove his/her spouse's name from the title.
You cannot remove someone's name from the title to the property unless that person gives up his/her ownership rights. Does the divorce decree state it clearly as to who should own the property? If the court ordered the divorced person's spouse to give up the ownership rights, he/she will have to sign over his/her interest in the property to the other spouse. Otherwise, it will be difficult for a person to remove his/her spouse's name from the title.
my mom passed away may 31st. the will has been probated. the land i get is on the same deed with my brother. it states she leaves diff sections to us in a life estate and at my death it goes to my son. Can this property be sold and how do we go about splitting the deed.
Hi rhonda,
If there is no mortgage on the property, then you and your brother can subdivide the land and split the deed. You can take the help of an attorney, in order to split the deed. Then you would be able to sell off your share of the property.
Thanks
If there is no mortgage on the property, then you and your brother can subdivide the land and split the deed. You can take the help of an attorney, in order to split the deed. Then you would be able to sell off your share of the property.
Thanks
My cousin recently died, his sister is his DPOA and is willing to quick deed his property to me with me taking over the remaining loan. Can this be done and what type of ramification may I face if this should go forward?
Hi Rene!
Welcome to forums!
Your query has been replied to in the given page:
http://www.mortgagefit.com/quitclaim/poa-ramifications.html
Take a look at it. Hope it helps you.
Sussane
Welcome to forums!
Your query has been replied to in the given page:
http://www.mortgagefit.com/quitclaim/poa-ramifications.html
Take a look at it. Hope it helps you.
Sussane
My uncle has life estate in my grandmother's property since past. He has partioned the court for the sale of the property in which he says he's entitled to a larger % than the rest of the heirs because of his life estate. Can he force us to sale the property and take the larger % of the sale.
Hi Delia,
The right of life estate means that he will be able to stay in the property until his death. In such a situation, if the property is sold off, he will be able to demand his share of the money. However, I don't think he will be able to force the other heirs to sell off the property.
Thanks
The right of life estate means that he will be able to stay in the property until his death. In such a situation, if the property is sold off, he will be able to demand his share of the money. However, I don't think he will be able to force the other heirs to sell off the property.
Thanks
My home of 20 + years is facing a short sale soon. I have tried everything I can do to keep my home with the lender but to no avail since I can't meet the required monthly payments. I am 70 and in ill health and have been stressed to the max over this for 4 years. If I do a short sale of my home with a life estate in place can they (lender) force me to move anyway? Or can they stop the sale because it's not a HAFTA? Am I required to move off the property?
Thank you!
Thank you!
divorce judgement states that certain property of ex husband be sold and the net proceeds are to be awarded to ex wife. Said property is actually in a life estate in new wife's name. Did this get by two attorneys and a judge
Hi Guest,
When you apply for a short sale, the lender might ask you to remove the life estate clause from the deed and surrender the property fully to the lender. Once the short sale is complete, you'll receive an eviction notice from the lender and you'll have to leave the property.
Welcome bobcat,
You will have to contact an attorney and check out how the whole thing will be managed. There are chances that the property transfer to new wife will be considered as null and void and the property transfer can be reversed in order to satisfy the judgment.
When you apply for a short sale, the lender might ask you to remove the life estate clause from the deed and surrender the property fully to the lender. Once the short sale is complete, you'll receive an eviction notice from the lender and you'll have to leave the property.
Welcome bobcat,
You will have to contact an attorney and check out how the whole thing will be managed. There are chances that the property transfer to new wife will be considered as null and void and the property transfer can be reversed in order to satisfy the judgment.
Not entirely true. Most life estate contracts say the person can stay in the house so long as they are actually living in it - if they move to a nursing home or extended care facility for more than a period of time set by the contract, it is considered abandonment and the owner of the life estate can now sell it.
Hi Jackie,
As far as I know, the sale proceeds will be equally divided in between the three of you. In case, you have further doubts, you should contact a real estate attorney and take his opinion in this regard.
Thanks,
Jerry
As far as I know, the sale proceeds will be equally divided in between the three of you. In case, you have further doubts, you should contact a real estate attorney and take his opinion in this regard.
Thanks,
Jerry
In 2005 my mom the grantor and trustee of her trust for the consideeration of $1.00 to the grantee in hand pay to (named her 3 children) reserving herself a life estate. She is in assisted living now can this condo be sold while she is living. 2 of us want to keep it in case we have to move her back the other one disagrees and wants to sell. Also can I change my 1/3 of this to be put in my 3 daughters names instead of mine or do I need permission from my sister and brother? Thanks.