All Forum Posts by: Gursel Demir

As we all know, the answers to such questions are not simple and usually begin with "It depends".

The short answer is the title co also agrees with the granddaughter.

Thank you @Buddy LaRue @Bill Gulley for the wealth of information. You have given me a lot think about and I appreciate it.

I'll let you know how it all plays out.

Gursel

Thank you @Rick H.

"If, like in CA, title to real estate transfers immediately upon death of the owner subject to administration of the estate...." It's the same in NJ.

I will post the title company's position.

Gursel

In her probated Will the deceased states that a Trust is to be set up for the benefit of her only son and everything is to go into that Trust. She names her granddaughter as the Trustee and the Executrix.

There are a number of judgments against the son, and the granddaughters position is that they do not attach to the property and do not have to paid at closing to clear title since he’s not the devisee.

I’m awaiting to hear what position the title co will take on this and in the mean time would love to hear from people who have had similar experiences.

Thanks

Gursel

A brother and sister inherited a house and are in title as tenants in common. The brother, who lives in the house, wants to sell but the sister, who lives out of state, is refusing.

In the mean time, the back taxes are piling up and the house has become the eyesore of a decent neighborhood.

The brother has had enough and has asked me to purchase his half interest. My exit strategy would be to sue the sister for partition.

Upon purchasing the brothers interest, if I payoff the back taxes, will the sister be responsible for half of those taxes upon partition? They do not have a written agreement as to who pays the taxes, maintenance, etc.

Any other advice from those who buy partial interests?

Thanks

Gursel

You can certainly foreclose but you might have to wait a year after the foreclosure is complete to get a title agency to insure title if the trustee cannot be served personally.

Hi Bill,

The estimates I got to tear down a similar structure in central jersey ranged from about $10K to $22K. So figure about $15K.

Some of the variables were do you want the foundation removed? Is there any asbestos anywhere in the structure? Do you want the hole filled? Any underground oil tanks?

I ended up selling the property as-is to one of the contractors who came to bid on the job :)

Gursel

Hi Andrew,

If you're familiar with such things, pull the previous owners deed, the foreclosed mortgage, and the foreclosure docs. Compare the legal descriptions in each.

If he owned the other lot, and if it was covered in the mortgage, but not in the foreclosure docs, then whoever did the foreclosure will go back and correct their mistake.

If it was not included in the mortgage, then the mortgagee cannot foreclose it and you can try to make a deal with the previous owner or back out of the deal.

Gursel

Update on “Title problem involving probate”

First let me say that as investors we, at least I, sometimes forget that what is simple, everyday, regular business for us, can be confusing and intimidating to the people we are dealing with.

After much gentle persistence, four of the six siblings agreed to meet. We met yesterday, armed with all the necessary paperwork and a notary, and walked out there with for executed and notarized deeds.

While there, one of the siblings, the “influencer”, spoke on the phone with the two siblings who do not live in New Jersey and they also agreed to sign.

If all goes according to plan, we should have their deeds this coming up week and that elusive payday soon thereafter, but we all know that it’s not a done deal until the check clears.

Gursel

@Rick H.

Thank you for chiming in. It's been a long time.

I'm working on the indem now and if that doesn't work I'm afraid you're right.

Gursel