Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 3 years ago,
Bro freeloading in elderly parents home! Have POA can what I do??
Advice please! My husband and I are not new to real estate, but are really looking for advice on this one. Ill see if I can simplify the situation and question here...
- Just moved elderly (80 and 91) parents to assisted living near us in South Florida from their home in rural western NC
- Parents still also own a 3/2 townhome in Badin NC. I has been occupied by my brother and his wife for over a decade. They raised her children there and one adult child is still living there with them.
-They have NEVER paid rent, taxes, or insurance to my parents...who have allowed this to happen.
- My parents, now in assisted living, are requiring a lot of financial assistance from my husband and I to make up the diff in their living expenses.
- Its time for my brother (58) and his freeloading family to contribute $$, but I need advice in knowing what to do...
I just got durable POA, but not sure if that helps in this situation. I have told parents that brother should choose to pay rent, buy the home, or I sell it occupied and as-is.
Question is, how difficult is this going to be for me to enforce any of these since I don't technically own the property?? Even though they are supportive of me getting $$ from him, or would love to see him out of the house, my mom has early dementia and making decisions/signing things makes her nervous. I'm willing to be the bad guy here, but I want to make sure I have this clearly organized before I execute the plan.
I have thought of asking them to transfer title to me, but then would the tax implications negate the benefits? (My elderly parents no longer have to pay taxes)
I'm open to any and all suggestions! Advice needed and appreciated!