Real Estate Legal issues

tech_hunter

Let me start this of by stating that yes I know I will most likely need a lawyer to get a definitive answer, but I am hoping some people may have some direct experience to how the process goes.

My mother died last year my sister and I are the only heirs she did not leave a will or instructions on her wishes after she died. She owned her home my sister and I are both in agreement to sell it and split the proceeds. I have a copy of the Deed and it lists my father and my mother on that Deed, my father also being deceased.

So the question is how do I or my sister get ownership of the house to sell it without a will or one of us being listed on the deed. I believe it has to go through some kind of probate process, what does this involve? The property is in Texas in Ellis County if that helps any. Barring anyone haveing any direct experience with this would anyone know of a lawyer in the area that I could consult with that wont rape me in legal fees? I live in Washington state by the way so all this is being dealt with long distance.

We do have a buyer for the property a family member and they are wanting to purchase the property way over its appraised value, is there any laws barring that kind of thing?

Bowen

I'd imagine if you two are in agreement then there's really no issue.

MrMonroe

Go get a lawyer right now, and one who practices in the state where most of the property is held. (sounds like the house makes it Texas) It's much better to have professional help executing an estate. While the two of you are in agreement, now is the moment when some previous creditor with a grudge could make a play for some of the estate. It's best to make sure that's not a risk so you can be sure that you have full title before you go selling it.

When you are sure it has passed free and clear to the two of you, there won't be any problem selling the house to a family member.

RepoMan1023

tech_hunter wrote: »

We do have a buyer for the property a family member and they are wanting to purchase the property way over its appraised value, is there any laws barring that kind of thing?

That should be fine. As long as you pay all the taxes it doesn't matter what price it sells for.

Dunadan019

If the buyer is planning on financing the home with a mortgage then there will be an issue as lenders don't like starting a loan upside down.

tech_hunter

Dunadan019 wrote: »

If the buyer is planning on financing the home with a mortgage then there will be an issue as lenders don't like starting a loan upside down.

I don't know how they plan on financing the purchase, but I guess that does make some sense

VisionOfClarity

MrMonroe wrote: »

Go get a lawyer right now, and one who practices in the state where most of the property is held. (sounds like the house makes it Texas) It's much better to have professional help executing an estate. While the two of you are in agreement, now is the moment when some previous creditor with a grudge could make a play for some of the estate. It's best to make sure that's not a risk so you can be sure that you have full title before you go selling it.

When you are sure it has passed free and clear to the two of you, there won't be any problem selling the house to a family member.

THIS. In most states if there is no will then an estate has to be set up and with property involved it gets more complicated. I handled my dad's estate on my own (he rented his home) and it was still a huge pain in the ass. Get a lawyer.

VisionOfClarity

As for buying it over the appraised value: if they're paying cash no problem but I doubt their bank will give them a mortgage for over the appraised value, most don't.

Modern Man

You should be able to get a probate lawyer to handle this relatively cheaply. This type of thing is really routine and you might be able to negotiate a fixed-fee arrangement with him. The most important thing he needs to do is make sure that the change in title of the property is properly recorded in the land records, but this is a standard part of the probate process. Really, you can probably just look in the phone book in the area and pick a lawyer whose ad looks reputable and who handles trusts and estates work. Just make sure that he provides you with an engagement letter detailing what he'll do for you and the fee arrangement.

And remember that any mortgage on the property as well as any taxes and other charges need to continue to be paid while all this is going on.

tech_hunter

Modern Man wrote: »

You should be able to get a probate lawyer to handle this relatively cheaply. This type of thing is really routine and you might be able to negotiate a fixed-fee arrangement with him. The most important thing he needs to do is make sure that the change in title of the property is properly recorded in the land records, but this is a standard part of the probate process. Really, you can probably just look in the phone book in the area and pick a lawyer whose ad looks reputable and who handles trusts and estates work. Just make sure that he provides you with an engagement letter detailing what he'll do for you and the fee arrangement.

And remember that any mortgage on the property as well as any taxes and other charges need to continue to be paid while all this is going on.

This was some good information since I have no experience dealing with lawyers and property issues.

a5ehren

VisionOfClarity wrote: »

As for buying it over the appraised value: if they're paying cash no problem but I doubt their bank will give them a mortgage for over the appraised value, most don't.

This. Make very sure of how your family member is going to pay you before giving them the deed - if they're financing a significant portion of it, then that loan will get denied so hard.

Modern Man

a5ehren wrote: »

VisionOfClarity wrote: »

As for buying it over the appraised value: if they're paying cash no problem but I doubt their bank will give them a mortgage for over the appraised value, most don't.

This. Make very sure of how your family member is going to pay you before giving them the deed - if they're financing a significant portion of it, then that loan will get denied so hard.

Make sure to get the terms of the purchase in writing, signed by both parties. It's important to have this so that there are no disagreements later on.

The lawyer handling the estate might well be able to handle this for you as well. And if you're hiring him to handle the whole process of the estate and sale of your house, you can negotiate a package deal in terms of fees.

a5ehren

Modern Man wrote: »

a5ehren wrote: »

VisionOfClarity wrote: »

As for buying it over the appraised value: if they're paying cash no problem but I doubt their bank will give them a mortgage for over the appraised value, most don't.

This. Make very sure of how your family member is going to pay you before giving them the deed - if they're financing a significant portion of it, then that loan will get denied so hard.

Make sure to get the terms of the purchase in writing, signed by both parties. It's important to have this so that there are no disagreements later on.

The lawyer handling the estate might well be able to handle this for you as well. And if you're hiring him to handle the whole process of the estate and sale of your house, you can negotiate a package deal in terms of fees.

Yeah that's what I would do. Get a lawyer in the area and let them do the heavy lifting - you don't want to mess around with estate and real estate law...really easy to mess something up and lose a ton of money.