1st Property, Need Advise.
An uncle owns his home free and clear. It was quitclaimed to him by his mother before she died. He is willing to just sign the house over, as he cannot take care of it. We are hoping to get him medicare or something, but were told that he cannot quitclaim it otherwise he would not be eligible.
Can he just deed the house to us (not quitclaim it)? Do we also need a purchase and sale agreement? Do I have to pay him something for the house, and if so, can it be nominal, say $1000.00. A lawyer said that he cannot just deed the house, without us paying him for it.
Any advise would be appreciated. Thanks! :-?
Jes
will he sell it to you and then rent from you?
no assets when its time to go to the home!!!!!!!
He cannot afford to rent it from us, we would just let him live there for free. He is older and would eventually probably move to a home. Nothing is owed on the house, so we would basically just be paying the taxes and maintenance. Does he have to sell it to us for something reasonable, or is there a certain amount percentage that we must pay to have the house deeded to us? Is there a difference between deeding a house and quitclaiming it?
Quote:
On 2004-07-03 20:32, mjbrownell wrote:
He cannot afford to rent it from us, we would just let him live there for free. He is older and would eventually probably move to a home. Nothing is owed on the house, so we would basically just be paying the taxes and maintenance. Does he have to sell it to us for something reasonable, or is there a certain amount percentage that we must pay to have the house deeded to us? Is there a difference between deeding a house and quitclaiming it?
A quit claim is a deed, so if he cannot deed the property then he cannot quit claim it.
What you describe sounds like a life estate with reversion (talk to an attorney). He would stay on title, would be responsible for maintenance and taxes, and can do anything with the property except will it to someone when he dies...he owns the estate for his lifetime, but when he dies then title instantly reverts to some other party. Perhaps you could pay the fees to set up this kind of estate, then he is protected for his lifetime, and when he passes on the title to the property will automatically vest in you.
I will answer your questin more directly:
Your uncle can simply deed the property to you. There is no need for a purchase agreement or any other form except maybe an affidavit that acknowleges that the deed was signed freely, blah, blah.
You must give some sort of consideration for the property which can be as low as $1. $10 is a good number.
You do not need an attorney for this if you can draw up the deed yourself. Otherwise have an attorney prepare a deed. Here are the steps:
1. Get deed and affidavit if you want
2. Get both signed and notorized
3. Go record documents at the local county recorder (hall of records, etc)
From what I understand you will simply be paying utilties, property tax, insurance, maintenence, etc to help your uncle out until he moves into a home and then you will choose to sell or rent the home after that.
JES --
It might be best to have some written document related to receiving the house for your future protection.
Mainly, against any relatives that will state your took advantage of your uncle and did not deserve getting the house.
Alot of deals are made for only $1. Save yourself $999.
Cheryl Lopez, Broker
If your uncle gives you property within some period of entering a nursing home and Medicaid ends up paying for his nursing home care because he is indigent (sounds like the case) then there is some period of time where Medicaid can go back and unwind the deal and claim the asset. I do not remember the time period. I think it is one year. See an attny who specializes in Medicaid Trusts.
I would highly recommend consulting with an attorney that specializes in this area of law. There could be all sorts of issues that crop up such as estate planning, gift taxes, etc. An hour with a good attorney can save lots of headaches later.
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