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Deed, Title, Gifts of Land

December 3rd, 2009

Grandad's will divided family land among his 4 children after his death and my grandmom's. My grandma has alzheimer's so the land has been deeded to the children. One son has since gotten her to sign a gift of deed giving his land to his wife if he dies (not back to the family as in grandad's will because they have no kids). Does this override the will. Read the Answer…

Land - adverse possession

December 3rd, 2009

I own a mobile home that is over ten years old. The land it is on belongs to someone else. Can the owners of the land force me to move? Read the Answer…

what I Should do about the house

December 3rd, 2009

My father passed away about 20 years ago. Just three years back I went through probate. The house was in my fathers name and he had three kids. One of the other kids signed over to me his share, and now I have ownership of a majority of the property. I have been paying taxes for the last 25 years. What should I do? Sell or keep the house? Also, I paid the mortgage off years ago. What to do? Read the Answer…

How to get title to Deceased Father's House

December 3rd, 2009

My father passed away and named me executor of his assets. I had bought his house from him and was paying him a mortgage. How do I get title put in my name. Thank You. Read the Answer…

lifetime use for daughter

December 3rd, 2009

What is it called to do this and how to do it do we need a lawyer need paper drawn up to prevent problems at death when title will be transferred, and to allow for some security to having a home for me (daughter). Read the Answer…

Life estate deed

December 3rd, 2009

My brother had power of attorney for my mom from 2000 until 2007. He had my mother sign a life estate deed with all three names: my name and his, and her name on it. I have power of attorney for my mother now since my brother died in 2007. My brother's surviving wife went down and filed for half the house. My mother is angry. She wants me to have the house since I am the only child left. My mom wants to revoke the deed. Read the Answer…

Lifetime right deed.

December 3rd, 2009

My mother is in a nursing home she deeded her home to me with lifetime rights I would like to sell her home because of ongoing expenses an upkeep to the property what percentage if any will be given to her from the sale. Read the Answer…

MS Home Modifications

December 3rd, 2009

My condition has forced us to relocate and build a home that will accommodate my needs. I hear about government help and tax relief but cannot find anything out there who do I talk to (e.g. attorney, tax advisor, etc). Please advise. Read the Answer…

Using funds from revocable trust to lend to purchase of house

December 3rd, 2009

Can my personal trust loan money to our family trust to purchase a home? I feel, in these uncertain times, (dollar plummeting stock market jitters) my money will be more useful. (monthly payment to the bank will be less of a burden). Tax implication? (No interest loan now. Later, upon sale of home % appreciation to be allocated to original loan. Read the Answer…

Line of Credit on Home Sold

December 3rd, 2009

I purchased a home 6/3/06 from this couple and on 6/14/06 they closed on a home improvement loan on the same property that I purchased from them. I called the title company and they stated that because my sale was not recorded yet on the books there is nothing to be done about it. What options do I have? Read the Answer…

Home ownership and wills

December 3rd, 2009

House and Power of Attorney: My sister has power of attorney over my mom due to my mother's mental illness. My sister just recently convinced my mom to purchase a house and put both of their names on it . Will my sister own the house 100% even if my mom has a will stating we are to split everything 50/50? Read the Answer…

Borrowing against a life estate in a house

December 3rd, 2009

We granted a life estate trust to my husband's step mother. The purpose was to allow her to live in the house until her death. She wants to borrow money against the house. Can she do that? Would it become a charge against us [the remainder beneficiaries]? Would we be responsible if she defaulted on the loan? Read the Answer…

Adding a spouse to a house deed

December 3rd, 2009

Adding Wife to Deed: I purchased a house in 2002 when I was single. I got married in 2005 and now I want to add my wife onto the deed. What kind of deed should I use? How simple is it to use this kind of deed? What kind of costs are involved? Do we have to pay tax to add her to the deed? Read the Answer…

life time right

December 3rd, 2009

If I deed my son a piece of land and I want to have life time right to the land, what rights does that give me and my son. Really I am looking for the meaning of life time right. Please explain. Read the Answer…

LLCs with rental property

December 3rd, 2009

LLCs and Real Estate: 2 member LLC owns 2 rental properties with similar FMV [fair market value], different tax basis. 1 member exchanges her 50% LLC interest for the property with a higher tax basis and continues to rent it. The 2nd member continues to rent the property with a lower tax basis but in the same LLC name. This is treated as thus a disregarded entity on her personal tax return, Form 1040, Schedule E. Do both report their gain in the year they take the 2 properties? Read the Answer…

House Co-Owner Rights

December 3rd, 2009

My future mother in-law inherited a home in State X and wants to put it up for sale. Apparently there is a second partial owner who is in a nursing home. One of his relatives is contesting the sale. Does he have the rights to do so? There are no wills in place my mother in-law inherited the home by next of kin and owns the majority. Read the Answer…

Huge debt due to housing boom

December 3rd, 2009

Housing Boom Debt: Son being led into debt beyond his ability to repay. Faces garnishee of salary, huge debt due on house speculation, mortgage on own home. What type of help should he seek and from whom. Also there is short delay made by contractor in the contract by builder. No key to house he is told he owns. Used financial provided recommended by builder. Read the Answer…

Deeds

December 3rd, 2009

Adding Wife to Deed: I purchased a house in 2005 when I was single. I got married last year. Now I want to add my wife onto the deed. What kind of deed should I use to do this? How simple is it to use this kind of deed? Read the Answer…

Life estate in residence

December 3rd, 2009

What type of rights does the holder of a life estate in a residence have? Parking? Utilities? What? Read the Answer…

Verbal Real estate deal

December 3rd, 2009

If I made a verbal agreement on real estate with my Dad and he died before agreement was fulfilled. Can I file the lawsuit against his wife if I have nothing in writing? I cannot afford a lawyer by the hour. The lawyer I have now is working on a contingency, but is doing nothing and a year has already passed. I signed my property to his wife. Read the Answer…

Timeshare Unit Sched D Loss

December 3rd, 2009

I am in the process of transferring my Timeshare Investment to X. They are to complete the entire escrow and title transfer for me. I signed an agreement with them on October 15th in which they provided me a worksheet delineating the figures I should enter on my 1040 tax Schedule D for the tax year 2006. Can you enlighten me ? Read the Answer…

Life time rights

December 3rd, 2009

Life estate now -- Impact of later bequests under will: My mother-in-law has a piece of land she wants to give us lifetime rights to but this piece of property is located on land that she has with a house on it. My husband is one of 4 siblings. What happens when my mother in law passes away and all of the land is left to them equally. Do we still have the lifetime rights on the part we live on? What if the others want to sell? Read the Answer…

Eminent Domain

December 3rd, 2009

Eminent Domain: The County is trying to take some of my property by Eminent Domain. We had the Eminent Domain hearing. The 3 Commissioners awarded me over 3 times what the county had offered. The county appealed and has filed suit against me. I denied their charges. Where can I find info on filing Motions, etc on X County Court Procedure? Read the Answer…

Partnership to LLC Conversion

December 3rd, 2009

Conversion of LP into LLC: If I have a NY partnership can I transfer it to an LLC with the same members without paying and transfer tax? Read the Answer…

Residential sale leaseback

December 3rd, 2009

I read your article in bottom line personal on ways to finance retirement homes. How do you enter into a sale lease back with a grown child? I could only find info on leaseback with commercial property on the web. Could you help me? Thank you. P. S. I enjoyed your article very much. Read the Answer…

Selling land-locked property

December 3rd, 2009

We purchased 80 acers of property in1987. It is landlocked. The easement for the driveway was to run with the land forever. Now we are being asked to share this driveway. The driveway winds through the property and we know we are driving on their land just a few feet based on a survey. The only way to reach our land is this easement. Should we go to court? What do you think of a private road agreement? Read the Answer…

Life Estate Tenant in Nursing Home

December 3rd, 2009

My grandmother deeded her house to my mother over 10 years ago with a "life estate" in the property. Until recently she was living in the home. She has suffered several strokes and now unable to live in her own home. She's in a nursing home. Can my mother sell the property? What portion of profits if any go to my grandmother? Read the Answer…

private road agreement

December 3rd, 2009

What are some of the negatives involving an agreement such as a private road / shared driveway? we only have one way in and out. Read the Answer…

Life Time Rights to House

December 3rd, 2009

My father passed away in December 2003. My stepmother has life time rights to the house on 2 acres of land. My sister and I are owners of the house and all other property. There is still a mortgage on the house. We are currently paying the mortgage. What financial obligations does she has towards the mortgage or the house. Read the Answer…

life estate of home

December 3rd, 2009

I live in ___________ [state name deleted] and have a life estate in my home. My husband and I were married 7 years before his death and he had no will. My attorney doesn't seem to want to give me a cut and dried explanation as to my rights. He had two sons who were on the deed to his home. they are in their 30's. We added onto the house after we got married and I paid 25,000 . Read the Answer…

Life estate sale of property - Tax Issues

December 3rd, 2009

1967 Bought personal residence 100K 2001 transferred to children estimated FMV 400K but kept a life estate valued @ 175K 2006 children sell property for 475K moved out Question: Do children have a capital gain of 475-400K Do parents have a gain on sale of life estate? or is this a sale of their principal residence ? Read the Answer…

Tenancy by the Entirety of a Home and Asset Protection

December 3rd, 2009

How might a tenancy by the entirety protect my house from lawsuits and claims? Read the Answer…

Real estate into LLC

December 3rd, 2009

I want to transfer several properties into LLCs to protect my personal assets. Is this simple to do? Are there any issues? Read the Answer…

Lease with purchase option

December 3rd, 2009

In a down real estate market, is there a way to postpone setting the price until the buyer is ready to exercise the option? I don't want to set the price at the beginning of the lease, because prices are falling. Read the Answer…

Rights under Life Estate Deed

December 3rd, 2009

Does someone who has deeded their property to their heirs, but retained a life estate interest have the ability to sell mineral rights or timber off of the property? Also, can they alter or tear down existing structures on the property? Read the Answer…

Condominium Associations

December 3rd, 2009

What legal actions, other than taking a lien against the unit owners condo., can a condo. association take against an owner who is delinquent in paying their condo. association fees? Read the Answer…

Real Estate Valuing

December 3rd, 2009

Would I be better served by using assessed value or real estate comps, to come up with "fair value" of the real estate in the will? Read the Answer…

Getting out of Contract if i did not know what i was signing

December 3rd, 2009

I have been in special education through out my whole life, and am at a 5th grade reading level and I was lead to believe I was co-signer not knew I was being forced to sign and that I didn't understand what I was signing. My sister put a bid for house using my ID and Social Security Number, pay stubs, bank statements and Realtor knew at all times she was not me and allowed it. Read the Answer…

Home ownership and New Husband

December 3rd, 2009

I recently got married and we now live in the home that I have always had. The mortgage is in my name alone. If I would die, would the house and mortgage automatically go to my husband or am I required by law to have his name also added to the mortgage? Read the Answer…

Property rights in purchase.

December 3rd, 2009

I recently bought two houses and a trailer on 5 acres of land in my name. The arrangement was for my stepfather to pay for the houses as he would be living in one. I would in turn receive the other house as a "gift". He made me sign a paper stating that I was selling the homes and property on a land contract. Do i have any right to the property? Read the Answer…

Non payment of road dues

December 3rd, 2009

We are on a private road and must maintain it. One of the 20 residents refuses to pay their yearly dues. How can we remedy this? Read the Answer…

Easements

December 3rd, 2009

I am buying house with an easement for neighbor for off street parking. Is this easement considered a title defect? Should the easement be notated in the purchase contract? Can an easement be rescinded by me if i don't want to continue it. If so, how? Read the Answer…

One-sixth of $3,000,000 Gift

December 3rd, 2009

Expecting to receive 1/6th of the proceeds from the sale of a highly valuable rental property in State X, I want to know if capital gains taxes will come out of my portion and if I will have to pay a gift tax. Thank you. Read the Answer…

LLC's into a Living Trust

December 3rd, 2009

We (husband & wife) own 3 rental properties. I will quit claim & be sole owner of 2 LLC's, wife will quit claim & be sole owner of other LLC. Can we put all LLC's under a Living Trust (to avoid probate) that states we each have 50-50 ownership of all LLC properties? Or how? Read the Answer…

Lien

December 3rd, 2009

We are owner-financing the house. How can we put a lien on the house so we know that it cannot be sold under our nose? Thanks Read the Answer…

Cash rental of farm property

December 3rd, 2009

Do you have a form that applys to cash rent of farm property? Read the Answer…

Family Limited Partnership

December 3rd, 2009

A new client came w/a FLP formed approx. ten years ago. The FLP asset is the h/w personal residence. Since there is no business purpose and no historic accounting detail supporting a FLP, I believe the FLP should be dissolved. QUESTION. Will appreciation on the property over the last ten years create a tax problem. Thank you for your insight. Read the Answer…

Terminate Life Estate Early

December 3rd, 2009

My elderly step father has abandoned his life estate in a house. He has filled paper-work officially terminating his life interest but his daughter will not sign it...she doesn't want the house nor does she want to give it him. Is there paper-work he can sign to terminate his life-interest without the signature from the owner. Read the Answer…

Realty trust

December 3rd, 2009

Can you explain to me what a realty trust is? I currently own property and I recently lost my husband, I found out that he put it in a realty trust. Read the Answer…

Tenants in Common

December 3rd, 2009

Where can I find legal forms for establishing a Tenants in Common relationship for 2 parties to use for purchase of some property together? Read the Answer…

Bequest of House Under Mothers Will-Not so Simple!

December 3rd, 2009

My mother's will states that if she passes away, that since I pay the mortgage my wife and I will inherit the house. Should we put the house in all of our names? Or is it sufficient to have a bequest in the will? How can we save time if she passes and the house is still just in her name? Read the Answer…

Can real estate be transferred to a pay on death account - POD?

December 3rd, 2009

Can real estate be transferred in a POD? Read the Answer…

A married spouse wants to have a name added to a home

December 3rd, 2009

I recently married my spouse who owns a house to which he wishes to add my name. Is there a form for such a situation? Read the Answer…

2nd mortgage refinance

December 3rd, 2009

In the state of Oregon, I have found that all I need is a mortgage note and a deed trust recorded with the courthouse when I refinance my second mortgage. I currently have my 2nd mortgage with Home financial. I plan to refinance with a private individual. I prefer not to use a title company and would prefer to handle the paperwork and filing myself. However, I am having trouble finding the right forms to fit this scenario. The forms in my current loan packet do not seem to apply. What is the correct format, form, or what are the requirements for the trust deed and the note that must be filed? Where can I purchase, download or find? Read the Answer…

LLC for asset protection

December 3rd, 2009

I am a trader who trades his own account. Things are good now, but not always. I declared bankruptcy two years ago. Can I establish some kind of trust or an LLC so I can esablish credit to purchase a house or a car under that entity's name. Read the Answer…

Quit Claim Deed

December 3rd, 2009

If a property has a mortgage and 2 people are on all the original documents can 1 individual transfer his rights by quit claim deed to another individual that is not on the mortgage or original documentation, by form of a quit claim deed and a financial arrangement. Read the Answer…

Husband's use of house

December 3rd, 2009

A woman who is the owner of property that is also "Heir Property" that was her's before the marriage, wants to allow her husband to remain in the home after her death without the threat of being forced out by her heirs until his death at which time the heirs can take control. Read the Answer…

Bad Home Inspection

December 3rd, 2009

I purchased a home approximately 6 months ago. I had a home inspection completed by a licensed home inspector. Recently, I discovered that the foundation had very serious problems which existed prior to the purchase of the home. The estimated repair cost is 20% of the home's value. The home inspector failed to observed the signs of a foundation problem and I believe the former home owners had some knowledge of the problem. Are both parties responsible and what are the best avenues of recourse in situation like this? Read the Answer…

Title of the house -Probate

December 3rd, 2009

My step father and my mother own a house. My step father passed away last year and the house is in probate. Can my mother sell the house? Read the Answer…

Quit Deed

December 3rd, 2009

WHAT IS A QUIT DEED. ARE THEY VALID IN CA. WHAT ARE THE TAX LIABILITY'S TO OWNER AND NEW OWNER THANK YOU Read the Answer…

Lien on a life estate

December 3rd, 2009

I have a house that was given to me as a life estate what I need to know is can a person put a lien on this house? The person who gave it to me might go to a nursing home. The life estate was made over 5 years ago. Can they put a lien on this house? Read the Answer…

A house which a parent deeded with a retained life estate to child, raises surprising tax results

December 3rd, 2009

I need advice on a real estate matter involving my mother's home. She died in 1999, and I wish to sell the home which she deeded to me in 1993, retaining a life estate. I never lived in the home. Do I owe any taxes on the money from the home sale? Read the Answer…

Joint Venture LLC Agreement

December 3rd, 2009

I am in search of a joint venture agreement for (2) LLC companies relative to residential construction. We are preparing to construct a new residential town home. Read the Answer…

Liens

December 3rd, 2009

How can I find out if there is a lien on a piece of property before I purchase it? Will it cost me money to find out this information? It is located in a different county from where I reside. Read the Answer…