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What happens to a life estate if the homeowner goes into an assisted living facility?
If the homeowner with a life estate goes into an assisted living facility, the life estate continues to exist. The individual with the life estate retains the right to live in the property until their death, but may choose to temporarily or permanently vacate the property during their stay in assisted living.
What else can I help you with?
Grandma died and she has a reverse mortgage what happens next?
Her estate will have 6 months to sell the home or refinance it. If there is negative equity in the home the estate will have the option to turn the home over to the lender without any further recourse, provided this is a FHA HECM reverse mortgage.
Where can I get help with elderly estate planning?
When considering estate planning, one should contact an estate planning professional. An estate planner should be certified and have a degree in law, finance or accounting. You should try to find an estate planner who specifically has experience in elderly estate planning.
What happens to the seniors's home and personal property when they're placed in a nursing facility And is there snything that can be done to stop this from happening?
Usually if a senior is not able to take care of their affairs, a court appointed guardian or a family member with power of attorney is designated to assist with storing or distributing personal property.
What does grandfathering mean in real estate?
Grandfathering in real estate refers to allowing an existing property or land use to continue its current state or use, even if new regulations or zoning laws would normally prohibit it. This exception is typically applied because the property or land use predates the regulations.
Is the eldest responsible for ther deceased father estate?
In most cases, the eldest child is not automatically responsible for handling their deceased father's estate. Typically, the responsibility falls on the executor named in the father's will or, if there is no will, on the legal heirs as determined by law. It is important to consult with a legal professional to understand the specific requirements and obligations related to handling the deceased father's estate.
What did prudenial Douglas elliman do for a living?
"Prudenial Douglas Elliman was a New York Real Estate Agent, and a broker. He sold new developments as wells as resales. Also, he built his own assisted living facility."
Can a claim be submitted for repairs if the homeowner is recently deceased and the home is in probate?
The estate is responsible for the maintenance of the property. The administrator or executor of the estate can submit a claim on behalf of the estate.
Should homeowner insurance be the same amount as the assessed value of a condo apartment?
No. The assessed value is for tax purposes and it is based on what should be the real estate value based on sales in your county. Depending on what kind of policy you have as your homeowner's policy you probably need the replacement cost value and not the real estate price.
Are homeowner association dues tax deductible?
Your answer may depend on your use of the real estate asset. Your tax advisor can answer your question specifically.
How not to be part of Homeowner association?
You can avoid being in an association by not purchasing a home in one. If you own real estate in an association, you can sell your property.
Define wholesale real estate?
Whole sale real estate Most homes are purchased by individuals who go through a local real estate agent. A smaller percentage purchase a home that is offered for sale by the homeowner, without intervention of an agent.
Can a real estate broker refuse to pay an agent's commission?
A short sale is a process by which a homeowner who cannot keep up with mortgage payments may avoid a foreclosure. In a short sale, the homeowner allows his lender to market and sell the home.
What does the real estate standard contract default rate mean?
The real estate default rate is the rate of borrowers that fail to remain current on their loans. When a homeowner is in default, their house may be in danger of being foreclosed on.
What happens to a home that is not sold and is part of an estate and the estate can no longer pay for the upkeep of this home?
The estate will have to sell or abandon the home.
Is homeowner's association office a facility or service?
It could be both.In your community, the association office may be a facility in the same real estate category as the pool house or the open parking garage. As a facility it is identified in the reserve study, maintained with assessment dollars and owned by all owners. (Unless your governing documents define it otherwise.)If the office is off-site, the office may be rented.As a service, the association's business is conducted in the office space. The service collects assessments, pays bills, identifies and tracks maintenance issues, handles property management logistics and so forth.
What happens to the remaining assets in a closed estate?
If any undistributed assets remain in the estate then the estate must be reopened and an estate representative must be appointed by the court.
What is a Home Foreclosure?
Foreclosure is to shut out, to bar, to extinguish a mortgagor's right of redeeming a mortgaged estate. It is a termination of all rights of the homeowner covered by a mortgage. Foreclosure is a process in which the estate becomes the absolute property of the lending institution.
