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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Probate issues Posted by Rick, the Probate Guy on June 21, 2009 at 8:21 AM In Reply to: Probate issues posted by Gursel on June 20, 2009 at 2:32 PM Hey Gursel - Since no one else took a stab at this, I'll try and get this rolling. If you haven't already done so, go ahead and reverse engineer this and layout in a format so that it's easy to see the fractional, generational interests. At best, you've negoatiated a deal to purchase only part of a pre-probate (unprobated) estate, but of course you already know that. Having to probate several different estates to deal with looks problematic. You need to decide what your entrance and exit strategy is for this property. What's your best play? If you plan to keep it and perhaps rent it out, maybe you don't care about having clear title for an extended period of time (as to the other pieces). However, I know that you like buying tax liens. THat might be the best way to clean up title, since you'd have the major piece of the pie. I think that trying to probate the scraps and small pieces would drive me nuts, so that option wouldn't appeal to me one bit; not for this kind of potential profit. It's not uncommon for a minor child to receive all or a portion of title to real estate, however they cannot contract to transfer their interest as a minor; a Guardianship has to be established and that costs for court, guardian, etc. and judges are, well, slow to do anything that might compromised the child's best interests. Think "hellish play." As to the other scrappy interests, it still sounds like more trouble than it's worth. In CA, we have a way to resolve title issues within the probate court (PC 850 Petition to Determine...) that's basically a quiet title action. Alternatively, you 'might' consider doing a quiet title action outside of probate, but it'll take some time and a bit of money, but maybe not a lot of the latter. I think the best play is to acquire a lien that can be foreclosed on (you're the tax lien expert, right?) and fix it in one, painless step. Also, it might be a good way to plan to divest yourself of the asset if you can sell it off at the lien auction (if this is possible 'cause I still don't understand your state's laws). Good luck and let us know what happens! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Hey Gursel - Since no one else took a stab at this, I'll try and get this rolling. : If you haven't already done so, go ahead and reverse engineer this and layout in a format so that it's easy to see the fractional, generational interests. At best, you've negoatiated a deal to purchase only part of a pre-probate (unprobated) estate, but of course you already know that. Having to probate several different estates to deal with looks problematic. : You need to decide what your entrance and exit strategy is for this property. : What's your best play? If you plan to keep it and perhaps rent it out, maybe you don't care about having clear title for an extended period of time (as to the other pieces). : However, I know that you like buying tax liens. THat might be the best way to clean up title, since you'd have the major piece of the pie. : I think that trying to probate the scraps and small pieces would drive me nuts, so that option wouldn't appeal to me one bit; not for this kind of potential profit. : It's not uncommon for a minor child to receive all or a portion of title to real estate, however they cannot contract to transfer their interest as a minor; a Guardianship has to be established and that costs for court, guardian, etc. and judges are, well, slow to do anything that might compromised the child's best interests. Think "hellish play." : As to the other scrappy interests, it still sounds like more trouble than it's worth. In CA, we have a way to resolve title issues within the probate court (PC 850 Petition to Determine...) that's basically a quiet title action. : Alternatively, you 'might' consider doing a quiet title action outside of probate, but it'll take some time and a bit of money, but maybe not a lot of the latter. : I think the best play is to acquire a lien that can be foreclosed on (you're the tax lien expert, right?) and fix it in one, painless step. Also, it might be a good way to plan to divest yourself of the asset if you can sell it off at the lien auction (if this is possible 'cause I still don't understand your state's laws). : Good luck and let us know what happens! : [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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