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.
Welcome sami,
Unless the 3 of you agree, it won't be possible for anyone to sell off the property. All 3 of you have equal rights to the property. You can transfer your share of the property to someone else. You can add your 3 daughters to the property deed. However, it will be better if you could take the permission of other homeowners as well.
In order to know whether or not the condo can be sold off by the assisted living authorities, I will suggest you to contact a real estate attorney and take his opinion in this matter.
Unless the 3 of you agree, it won't be possible for anyone to sell off the property. All 3 of you have equal rights to the property. You can transfer your share of the property to someone else. You can add your 3 daughters to the property deed. However, it will be better if you could take the permission of other homeowners as well.
In order to know whether or not the condo can be sold off by the assisted living authorities, I will suggest you to contact a real estate attorney and take his opinion in this matter.
my mother is 94, good health, 7 years ago we (myself & her) went into a life estate situation. I'm 64, retired, on SS & pension and pay a $2100 per mo mortgage, more than the 49 yr old house is worth, plus all the other utility bills. I'm having a really hard time making ends meet. Would I be able to Reverse mortgage or re-finance? Or any other ideas?
Hi bridget,
As both of you are senior citizens, you will be able to qualify for reverse mortgage. You should have a word with the local lenders and apply for a reverse mortgage on your property.
Thanks
As both of you are senior citizens, you will be able to qualify for reverse mortgage. You should have a word with the local lenders and apply for a reverse mortgage on your property.
Thanks
When assigning a life estate clause to a Quitclaim deed, it is most important to state whether or not that life estate is revocable or irrevocable. If it's revocable then the grantor has the option to back out of the agreement and a sale of the property could then be forced by a court of law. If it's irrevocable, then it;s a done deal and the home must be available to the grantor till his or her death. Look into homesteading your property for added protection. Cheap and simple. Best o luck. Lamont.
Thanks for sharing your opinion, Lamont! :)
Post Your Comment