All Forum Posts by: Andrea Vanias

Hi, Allende Hernandez Like you, I am new to real estate investment and feel like I'm in education overload. Not only that, I have been a broker in 2 states and a lawyer for over 20 years. So, the knowledge is there, it's a matter of making it happen. We both have our strengths and weaknesses. I like you used the word "discipline" - that's something I need- more structure. Maybe, we can talk soon to see if we can work together. I do have a Florida real estate license. Everyone has to start somewhere...

I learned something new, an Affidavit of Heirship, to transfer property in cases without a will. Yes, it's clear how it could expedite matters. When you sell the property, is the buyer given a general warranty deed and able to obtain title insurance?  

If you continue with this deal, it would be interesting to know how you handle the incapacitated heir. 

Thanks,

i will preface by comment by saying it is based more on my legal experience, than as a realtor or investor.

At the time of mom's death, she owned real property and the deed is titled in her name; however, a deceased person cannot own real estate, so by operation of law, equitable title, not legal title, passed to her heirs.  Heirs that have yet to be determined by a court of law.

Assuming, her six children are her only legal heirs, each owns a undivided 1/6 interest.  For legal title to pass from mom to her 6 children, even if a will exist, the estate must be administered in probate court, where the court will issue a deed transferring mom's legal interest to her heirs.  

The court will value the property, which can be a low appraisal or the tax assessment value.  Heirs can agree to sell their interests.  The incapacitated heir will be appointed a guardian ad litem to protect his 1/6th interest in his property rights.

At this point, the siblings do not legally own the real estate, therefore, transfer via quick claim deed, or otherwise, is a gamble.  What if other heirs appear after you have dealt with the 5 who agree?

Maybe I am overly cautious.  I am absolutely new to taking risks for investments.

BTW, this is my first post reply on BP.

Do I understand correctly that you have a contract with one of six heirs, and the case is not in probate court? 

@Sabrina Kaneundefined

Thank you, @Jonathan Makovsky 

First, let me say thanks for the warm welcome to BP by @Nick Cachaldora, @Mark Nolan, @Lee Scarlett, @Lucas Machado, @Brock Adams,  @Richard Recuset, @Thomas Franklin, and @Matt McCourry.  I have quickly come to realize that if I am serious about putting in time on BP, I must give up a unproductive activity, like trolling my personal FB page.  

As for, @Nick Chachaldora, @Richard Recuset and @Thomas Franklin, I will follow-up with you personally at a later date.  I am looking forward to building relationships with local real estate enthusiasts.

In 1984, I received a J.D. degree from the University of South Carolina, having moved there from my home, Detroit, MI.  From 1985-2009, I practiced law in SC before moving to Miami, FL.  I have held broker licenses in South Carolina and North Carolina before becoming a realtor associate in Florida in 2014.  When I received my FL license, I was working a dead-end job that ended July 2015.  Subsequently, I am in the infancy stages of the "practice" of real estate, and most interested in learning the process to build wealth. I have known about BiggerPockets for a few months, but now will take advantage of all it provides.