Re: Tax problem…Deal? - Posted by Kevin OK
Posted by Kevin OK on February 21, 1999 at 12:02:07:
I’m not certain how your son getting a $250,000 piece of real estate under adverse possesion, by paying the real estate taxes, keeps this elderly, senile man protected from “the vultures” out in California.
I’m not an attorney, I’m a mental health professional. And I will suggest that if your son, and you, and now all who read these posts, are aware of this man’s questionable mental status, any prudent court will reach the same conclusion. And they will likely interpret your son’s gaining control of this man’s home as deceptive at best, and possibly criminal.
Let me suggest you ponder the following question:
Suppose the elderly man you described was your father or grandfather, and he had a tenant who was assisting him by paying the utility bills & taxes out of their rent. If you learned the tenant was trying to gain posession/ownership of the property because they had paid the bills in lieu of rent, would you be pleased?
You aren’t describing real estate investing. You are describing chicanery. In my mind a successful investment/sale occurs when informed parties agree to a transaction. Not when someone sells their integrity and tries to profit at the expense of another. You mentioned this man has a sister in Texas. If she is the likely heir, involve her as to what to do. She should be the one in line for the property, not your son the tenant.
My 3 cents…Kevin OK