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How do you execute a contract to sell a property in which the parent has a life estate?
Wiki User
∙ 13y ago
The parent must consent in writing to any documents relating to the sale of the property including the contract, any P&S Agreement and the deed.
Wiki User
∙ 13y ago
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Must a parent with lifetime rights sign sale contract?
You mean a contract to sell a property in which the parent has a life estate? No. If the children want to sell their future interest in the property, it is separate from the rights of the parent with a life estate. Similarly, the children do not need to be asked if the the parent wants to sell (or mortgage) his or her life estate to someone else. On the other hand, if the buyers want clear title, with no life estate, then you have a different problem: terminating the life estate, by merging it with the future estate, and what's in it for you?
When a parent conveys their property to a child but reserves the right to live in the house for the remainder of their life what is that right called?
The parent has retained a life estate in the property.
Who is responsible for a deceased parent's bank loans?
The parent's estate is responsible for the loans. If there are no cash assets to pay the loans the lenders will take the property such as real estate or a vehicle.
Does an heir sibling to an estate have a right to enter estate after death of a parent if they are not the executor?
They do not have that right. The executor is responsible for the property and can allow, or not allow, access to the premises. The executor has to inventory the property of the estate and value it before distributions can be made.
Can a minor hold the lien on real-estate property?
In most cases, a minor cannot hold a lien on real estate property because they lack the legal capacity to enter into a binding contract. However, a guardian or parent may be able to hold the lien on behalf of the minor until they reach the age of majority.
If a single parent dies intestate do the children have to file probate?
If the parent is the sole owner of any property at the time of death their estate must be probated.
How to sell a house after a parent dies?
You have to open an estate. The court will then appoint an executor. The executor will have the letter of authority that will, with the court's permission, sell the real property of the estate.
When real estate is in the name of the children of a deceased parent how can property be sold?
Only the guardian can sell, or the children when they are 18+.
What are the pros and cons of having a life estate agreement for a parent who may have to enter a nursing home?
Pros: It allows the parent to retain the right to live in the property until their passing, potentially providing stability and comfort. It may also offer some protection for the property from being taken to pay for nursing home care. Cons: This arrangement could complicate the parent's eligibility for Medicaid if they need to enter a nursing home, as the property may be considered an asset. It may also limit the family's ability to sell or transfer the property if needed.
Are grandchildren entitled to part of an estate after death if no will is written?
When someone dies without a will the state laws of intestacy provide for the distribution of their property. Generally, if your parent is deceased you would inherit your parent's share of your grandparent's estate. If your parent is not deceased then you have no right to a share of your grandparent's estate. If your grandparent left a will and the will is allowed you have no other right to their estate. You can check the intestacy laws of your state at the link in the related question below.
What rights do biological children have in the estate of a deceased parent?
Biological and legally adopted children generally have the same rights in their parent's estate if their parent dies intestate, or, without a will. Children do not inherit an interest in property that was held jointly with a surviving spouse. However, they may inherit an interest in property held solely by the decedent. You can check the laws of intestacy in your state in the related question below.
Can an executor of an estate sell a house that is still in the deceased parents name in the state of Georgia?
Yes, an executor can sell a house that is still in the deceased parent's name in the state of Georgia. The executor would need to go through the probate process to obtain the legal authority to sell the property on behalf of the estate.
