LawProblems.com -- Answers to Questions About Real Estate Law
Money and real estate news you can use everyday
 
           

Home
Real Estate Lawyer
Question of the Week
Tip of the Week
Recommended Books
Resources
Glossary
Contact Sam

Court Assigns Guardian For Elderly Homeowner

Ask the Real Estate Lawyer: Real Estate Law Q&A

REM #LAW 694

By Ilyce R. Glink and Samuel J. Tamkin

Summary: A reader has a friend who is in a nursing home and has a management company assigned by the court to manage her home. Now the homeowner's son would like to use a quit claim to get the home. Ilyce and Sam find all kinds of problems and questions regarding this deal.

Q: I have a friend who lives in a nursing home because she can't walk.
(article continues below useful links)

A court assigned a management company to be her guardian and take care of her business.

Her home of 28 years was foreclosed back in early 2005. The management company was not her guardian at the time. But, her son wants to redeem this house and have her quit claim a deed to him. Is this legal?

Her son is going to pay the interest and other charges before the deadline. Can she quitclaim the deed to him even though she is in a nursing home? She is not mentally ill.

A: It’s quite unusual to have a court get involved in the affairs of a person unless that person needs the help of a court to assign a guardian. It is also strange that someone in her family was not designated guardian of her affairs. All these issues raise more questions than answers as to your friend’s predicament.

As far as the house is concerned, if there is significant value in the home, why is the home being foreclosed on? If she had a loan and it had a low balance, selling the home is a better option than losing it to foreclosure. If she failed to pay real estate taxes and has no loan, again selling it would provide cash to pay the old taxes and give her money to pay her bills and expenses.

Unfortunately, your letter raises more question than can be answered in this column. Your friend can quitclaim the home to her son. However, if the transfer of title is done to avoid paying expenses to the nursing home, most states have laws that would require the value of the home that was transferred be given back to your friend to pay for her nursing home expenses.

It that your friend’s home must still have lots of equity in it and your friend’s son feels that if he can get title to the home, he can sell it and make the money from the difference between what is owed and what its worth.

If he gets title, he then gets to keep the money. If he was interested in getting money for his mom, he could sell the home, pay off the debts and the rest of the money would go to your friend.

Clearly, there are other issues here that you have either not disclosed or are not aware of. Your friend can transfer title to her son. Whether she should do that is another question altogether.

Samuel J. Tamkin is a Chicago-based real estate attorney. Ilyce R. Glink’s latest book is 50 Simple Steps You Can Take To Sell Your Home Faster and For More Money In Any Market. If you have questions for them, write: Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact them through Ilyce’s website www.thinkglink.com

 

 

 

RSS Feeds

RSS 0.91 Feed
RSS 1.0 Feed
RSS 2.0 Feed
ATOM Feed

Home Buying   Using Attorneys to Buy a Home - Earnest Money - Quitclaim Deeds - Easements - Seller Misreprensation - New Construction - Buying with Partners - Home Inspections - Seller Problems - Agent Issues
Home Selling    Using Attorneys to Sell a Home - Seller Disclosure laws - Title Problems - Buyer Problems - Real Estate Agent Issues - Tax Considerations
Home Ownership   Neighbor Problems - Seller Misrepresentation And Fraud Issues - Problems In a Condominium Development - Problems Around The House - New Construction Issues - Subdividing Land
Home Renovation   Architect Issues - Contractor Issues - Problems With Contractors - Inspection Issues - Certificate Of Occupancy - Municipal Inspections - Punch List Issues - Financing Issues - Installment Contracts
Real Estate  
Financing
 
Loan Application Problems - Refinancing Issues - Paying Off An Old Loan - Credit Problems - Seller Recommended Lender - Prepaying A Loan - Prepayment Penalties - Predatory Lenders
Investment  
Property
 
1031 Exchanges - Financing Investment Properties - Landlord and Tenant Issues - Partnership and Company Considerations - Tax Considerations - Subdividing Land
 
Contact Us | Sitemap | Terms of Use | Copyright ©2001-2005. ThinkGlink Inc. All rights reserved.
Reproduction of material from any www.LawProblems.com pages without written permission is strictly prohibited.
Site design by Walker Sands Communications