Who owns the property? Family Home with Deceased Owners

[Markesha Smith]

Hello, My husband and I are New to BP and Real Estate Investing.  We are interested in purchasing 2-4 unit homes in the Minneapolis area.  We recently discovered there is a home within our family that may not have a true owner. (best way I can put it) 

 A family member with declining health has lived in this all of his life and has been the only resident since his mother passed away over 30 years ago.  The property was never in her name but in her parent's name who passed long before her and they are still showing on the record as the owners.  There is no mortgage and he pays the taxes.

Questions:  The current resident has children. Would they have any rights to the property if he were to pass away or has to leave the home because of health issues?   While he still has a sound mind, is there anything he can do to take ownership of the property in order to sell it?  We would like to take on this property eventually but don't know how to approach it.  Any advice would be appreciated.  Thanks!

[Tim Joyce]

I'll chime in to confirm the bare bones of what @Tim Swierczek said, though I'll caution that issues like this can get messy. Your situation sounds an awful lot like one of the law school exam questions a student might face (trust me: just escaped that insanity last May). 

Based on what you've said, we don't have enough information to determine if any other family members have a claim against the property. They could live states away and rarely have spoken to the former owners but still have a claim that can beat a prospective buyer. It would be a shame to get too far down the rabbit hole without chatting this out with a probate attorney (it's not my focus, sorry).

Tim's right that the court can "quiet title" to the property if need be, but if memory serves that involves a formal legal proceeding that actively seeks out folks that have interests in the property, to make sure the right people have first shot. You might still get a chance to purchase from the correct owners, but you won't know who they are without some sort of proceeding. Just so you're prepared. (If you want to be connected with a probate attorney I know, send a DM.)