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If property with a life estate is sold who gets the money?
The person who owns the fee receives the proceeds from the sale. The life estate holder only has the right to use the property for life. If they relinquish their life estate the owner of the property can then sell it free and clear of the life estate.
Would life estate holder receive proceeds from sale?
From the sale of what? The property can only be sold with the permission of the life estate holder. How much they get would depends on the deal they cut with the remainderman.
Is money from the sale of property part of the estate?
If the property was part of the estate then the proceeds are also part of the estate.
Do the proceeds of an estate sale involving another persons personal property have to be documented?
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Are the proceeds of sale from a property to a third party unearned income?
The proceeds from the sale of a property to a third party are generally not considered unearned income, as they represent the capital gained from an asset you owned. Unearned income typically refers to earnings not derived from active work, such as interest, dividends, or rental income. Instead, the sale proceeds are often classified as capital gains, subject to taxation based on the difference between the sale price and the property's original purchase price.
Who is entitled to proceeds if all life estate heirs agree to sell property?
If the life estate holders agree to allow the property to be sold then they mush sign the deed and by doing that they will relinquish their life estates. The proceeds from the sale will go to the remaindermen who own the fee interest in the property. In order to encourage the life estate holders to relinquish their life interest the remaindermen may offer a part of the proceeds as an incentive.You should seek the advice of an attorney who can review your situation and explain the options.
What are the rights of the secured creditor?
To receive the proceeds, before others, fom the sale of the secured property.
If the homeowners association foreclose on property how does your loan get paid to the mortgage company?
If the homeowners association forecloses on a property, the foreclosure process typically involves a sale of the property. The proceeds from the sale are used to cover various expenses, including any outstanding debts, such as mortgage payments. The mortgage company will be paid from the sale proceeds first before any remaining funds are distributed to other creditors or the homeowner.
Will having a lien prevent the purchase of a home?
Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.
What happens to proceeds from sale of property in partnership?
The proceeds must be divided equally amongst those persons who took title as partners. A tenancy in partnership is a joint tenancy.
Are the proceeds from the sale of separate property sold for a profit during the marriage community property?
Yes, the proceeds from the sale of separate property sold for a profit during the marriage can be considered community property, depending on the jurisdiction. In many states, if the separate property is sold and the profits are commingled with community assets or used for community purposes, they may be classified as community property. However, if the proceeds are kept separate and identifiable, they may remain the separate property of the spouse who originally owned the property. It’s essential to consult local laws or a legal expert for specific guidance.
Forcing sale of a house in a will owned by 3 and 1 gets to live there as long as she can afford it that's what the will states 1 party wants to get out how can that happen?
The person who wants to sell can try to sell her interest to one of the other parties or to a third party if she can find a buyer. Otherwise perhaps the property can be partitioned, that is, sold by the court. That may be difficult because any buyer would have to take the property subject to the life estate. Perhaps you could convince the life estate holder to join in the sale of the property and split the proceeds three ways.
