All Forum Posts by: Tom Gimer

Mom may have recorded a life estate deed, with the 3 kids as remaindermen. You can likely confirm this yourself by a search of the local land records. If so, not much would need to be done other than to say "no", as the kids would currently own the property outright by operation of law.

Now, that said, step-dad may have his own claims to be considered in evaluating all of this if he in fact contributed to mortgage payments, maintenance, etc.

How an entity transfer would be structured depends upon who or what currently owns the properties. Your agent may be suggesting that you purchase the entity that currently owns the properties (rather than the properties themselves). Typically that type of transfer does not trigger a re-assessment... because there hasn't been a change in the land or tax records.

One drawback of doing such a thing is you would be purchasing the assets (which you want) and liabilities (which you don't want) of the entity. 

The seller should be obligated (under your purchase agreement) to provide tenant estoppel certificates as to each lease as well as rent roll. Have a look.

Read your agency agreement. You may be obligated to pay your agent a commission if he/she introduced you to this property. Writing your own offer won't change that.

If your agent is unresponsive to your wishes, voice your concerns. It might be time to sever the relationship.

Is the borrower in default? And does your Note have a Confessed Judgment provision? If so, you can obtain a judgment quickly and you'll have your lien. Next time have a Deed of Trust or Mortgage executed at the same time as the Note.