All Forum Posts by: Dennis Lanni

Don't call it in; there is NO upside to the inspection.  Ask the renters when they last had thier unit inspected.  The City will get to it within the next 12 months not likely.

Good luck

You have a prescriptive essesment - google the term.  Basically it means you get to use land because you always have.

If it was me I would not do anything and just enjoy the use.  

Good luck

Just ask a real estate agent look up the info for you.  Also try to plug the address into Google sometimes it will pull up who did live there.

Good luck

Al,

I can not make this one.  I'm dad on duty since my wife has plans with her girlfriends.

In California they have petion called an 850 petion to transfer property that was meant to be titled in the trust. If they died in CO you should see if there is a simlar process.  This would avoid probate.

Good luck 

Merging the deed can be done few ways.  I have done by (1) Purchasing the remainer interest with a (I think I use a grant deed) (2) ending the life estate simlar to severing a joint tenancy.

I would break up your deal into a few steps because there are so many parts that need attention.  Without knowing the numbers I would do the following.

1. Order an I&A for the daugher's estate. If it comes in <50k I would have the heirs file it and I would purchase from them (I would try an get my transfer/purchase insured).

2. Does mom have capacity to deed out?  Does she want to?  Or I might wait a few years.  If I waited it out I might purchase an annuity that would start paying me out monthly when she turns 105 or something (as a hedge). I think her death would kill any Medicaid issues.

3.  Get a handel on the debt (can you buy the debt?)

4. What are the probate issues for the Daughter's estate?  

5.  a false quit claim executed by heirs that didn't inherit the property, and a host of family members living the house with alleged claims to the property

---this is the messy part, if I got clean title i would definitely evict I might anyways.  If you end up with estate interest and need to probate double check how long a creditor has to file their claims from the DOD & when you open the probate because those family members will most likely attack the estate sooner or later.

I'm sure I missed something here.  

Good luck

@K. Marie Poe

I love the idea I just think it would get big fast & we would lose control, we would need some $$$ behind us.  I have always thought that a <150K small estate probate (DE-310 )  could be insured w/out a probate action, along with sheriff sales and post-tax sale properties.

The other issue is this idea sounds like the type of work the I suck at (employees, meetings, more meetings, ect...).  Really @Rick Harmon w/ his connections & experience would be perfect for this.

Tax Title Services is a bunch of FATCO guys.  Another specialty title company, there definitely is a market for right now for that.

Darn Bob I wish would not have made a comment.  Here are a few things that my experience has shown w/ similar situations (in California not Ohio).

1. A court of law will establish value of the property with an apraisal not the purchase price.  

2.  The court will follow the civil code not emotional agreements about how mom's belongs in the family.

2. With a purchase contract from 2 willing parties I don't see how the buyer defrauded the seller.  Have the seller sign a disclaimer that you intend on making a lot of $$$.

3. You would record the 1/2 interest (and can insure it, borrow against it, ect...) just like any other transaction.

4.  List goes on.  You get the idea here.

I did not intend to do a figure pointing thing here.  Just trying to help out & solve or make an opportunity here.

Bob, I think your trying to help but you are making inaccurate statements w/out ever going through a partition action before. 

Dustin, You will need to hire an attorney to help you partition the property.  You can google it (Ohio civil code partition, Ohio partition attorney or something).  Price out the misadventure and see if it's worth your time.

Btw- I did not get into buying factional interest in real property until I had A LOT of experience under my belt- walk slowly towards the deal & go in light on the cash.

Good luck