Posted by jim on February 12, 2002 at 22:36:54:
This is a question for a good real estate attorney. I find them to be well worth the cost.
H…E…L…P !! !!! !!! - Posted by MR.MARK.ONE
Posted by MR.MARK.ONE on February 12, 2002 at 07:27:48:
Here’s the situation, Mrs. Smith past away in 1997 and she never made out a will. I spoke with her only child. What I need to know is if he is the hier at law/next of kin and if so could he sign the deed over to my corp? (or) would this have to Probate Court first? thank you.
Re: H…E…L…P !! !!! !!! - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on February 18, 2002 at 01:17:36:
Mr. Mark One-------------
Depends.
You do not tell us what you intend to do.
If you plan to hold for the long haul, you don’t really nead good marketable title to the property. If you are willing to take some risks. It means you will not be able to get a loan secured on the property, so it will require a free-and-clear property, on your part.
You could then wait the statutory time for adverse possesion and do a quiet title to get good and marketable title. Since you don’t tell what state you are in, it is impossible to tell you how long the time would be. It could be as low as 5 years to as long as 30.
Doing a probate will produce good title. Just hire a probate attorney and go to it. If this property is facing a tax sale, you might be able to loan the money to the estate to pay the taxes and get a mortgage secured on the property. The attorney would have the personal representative of the estate–the heir–sign for the mortgage. Then, when the probate process is over, the heir would get good title and could sell to you. Just have your purchase contract drawn up earlier.
Good InvestingRon Starr