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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Acquiring a missing owner's partial ownership... Posted by Rick Harmon on March 28, 2004 at 1:20 PM In Reply to: Acquiring a missing owner's partial ownership... posted by Ward-CA- on March 28, 2004 at 9:56 AM : : I RECENTLY PURCHASED 1/2 EQUITY IN A HOME. THE HOME WAS OWNED BY A MOTHER & DAUGHTER AND VACATED. THE DAUGHTER HAD LEGAL PROBLEMS AND SOLD ME HER HALF. THE MOTHER DIED SEVERAL YEARS BACK AND THERE ARE NO LIENS ON THE HOME. THE DAUGHTER HAS NO RESOURCES TO CONDUCT A PROBATE AND HAS APPARENTLY LEFT THE AREA. ANY SUGGESTIONS ON WHAT I WOULD NEED TO DO TO HAVE FULL OWNERSHIP. THANKS. : ============== : Bill, : What state are you in? Are you occupying the property? If so how did you acquire possession? : Also, messages written in ALL CAPS indicate you're shouting. +++++++++++++++++++++++++++++++++++ Bill, You're choices are a bit involved and may be complicated if the heir has split the scene. If you ever intend to sell or borrow on the property and require an title insurance policy for the lender or buyer, you're not going to be able to get around the fact that you don't have ownership, not even the interest of the heir who "granted" your her share. THat's because she never owned her share either. The solution is far too involved for the scope of this forum however the main point is that the decedent's estate (probably just this asset) will have to be probated. If it's value was less than $100K at time of death you may be able to do a summary probate - an abbreviated action thru the court that generally requires only one court appearance and may only take 2-3 months instead of 8-12 months. If the total estate was more at time of death, then you'll be doing a full probate. As to the heirs' interest, heirs sell there (future) interest via an "assignment of distributive share" not a deed unless probate is closed and the property has already been transferred to them. Of major importance to you is that there may be major debts and unsecured claims, such as Calif. Dept of Health Services, i.e., Medi-Cal, which must be repaid. THis is not Social Security Medi-Care which does NOT need to be repaid. Essentially, you have no way of determining up front if there are debts to to estate. Also, I have a contact at Medi-Cal (mgmt) and even they cannot provide info on the front end. So, it's very difficult if not impossible to determine if the estate has equity (even if the property does). Since a $200,000 free and clear property may not translate into $100K apiece for each of two heirs due to estaet debts, we say that heirs know how to add, but not subtract. I would try to run the credit of the decedent and set the deal up property with the heir(s). It might well be worth tracking down the other heir, too, and having your documentation ready to sign. When we purchase an heir interest now, we treat it just like property equity that must be confirmed before they get the balance of money due them unless it's a very small amount. Hope this helps Rick Harmon Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : I RECENTLY PURCHASED 1/2 EQUITY IN A HOME. THE HOME WAS OWNED BY A MOTHER & DAUGHTER AND VACATED. THE DAUGHTER HAD LEGAL PROBLEMS AND SOLD ME HER HALF. THE MOTHER DIED SEVERAL YEARS BACK AND THERE ARE NO LIENS ON THE HOME. THE DAUGHTER HAS NO RESOURCES TO CONDUCT A PROBATE AND HAS APPARENTLY LEFT THE AREA. ANY SUGGESTIONS ON WHAT I WOULD NEED TO DO TO HAVE FULL OWNERSHIP. THANKS. : : ============== : : Bill, : : What state are you in? Are you occupying the property? If so how did you acquire possession? : : Also, messages written in ALL CAPS indicate you're shouting. : +++++++++++++++++++++++++++++++++++ : Bill, : You're choices are a bit involved and may be complicated if the heir has split the scene. : If you ever intend to sell or borrow on the property and require an title insurance policy for the lender or buyer, you're not going to be able to get around the fact that you don't have ownership, not even the interest of the heir who "granted" your her share. THat's because she never owned her share either. The solution is far too involved for the scope of this forum however the main point is that the decedent's estate (probably just this asset) will have to be probated. If it's value was less than $100K at time of death you may be able to do a summary probate - an abbreviated action thru the court that generally requires only one court appearance and may only take 2-3 months instead of 8-12 months. : If the total estate was more at time of death, then you'll be doing a full probate. : As to the heirs' interest, heirs sell there (future) interest via an "assignment of distributive share" not a deed unless probate is closed and the property has already been transferred to them. : Of major importance to you is that there may be major debts and unsecured claims, such as Calif. Dept of Health Services, i.e., Medi-Cal, which must be repaid. THis is not Social Security Medi-Care which does NOT need to be repaid. Essentially, you have no way of determining up front if there are debts to to estate. Also, I have a contact at Medi-Cal (mgmt) and even they cannot provide info on the front end. So, it's very difficult if not impossible to determine if the estate has equity (even if the property does). : Since a $200,000 free and clear property may not translate into $100K apiece for each of two heirs due to estaet debts, we say that heirs know how to add, but not subtract. : I would try to run the credit of the decedent and set the deal up property with the heir(s). It might well be worth tracking down the other heir, too, and having your documentation ready to sign. When we purchase an heir interest now, we treat it just like property equity that must be confirmed before they get the balance of money due them unless it's a very small amount. : Hope this helps : Rick Harmon Optional Link URL: Link Title: Optional Image URL: [ 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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