Options? 44-unit NOT in PROBATE yet

5 Replies

Summary:

1. Owner of record is 80+ years old with dementia, out of state in California

2. i am communicating with conservatorship who lives in California and wants nothing to do with property. He is the trustee of the trust

3. 3 heirs on property

4. Currently not in probate. 

Question: What is the quickest way to close? Can i just do an affidavit of heirship then purchase cash or lease purchase? Any other ideas or questions I should ask?

Asset: C-Class 44 unit apartment at 60% market value. Texas. Currently owner of record is 80 yr old owner, not in a trust.

I don't understand: You talk about the trust, and then specify that the property is not is a trust? Could you clarify that?

An 80  yr old person with dementia can live a long time, so you may be jumping the gun on the heirs/probate notion.

Is the conservator a family member, one of the heirs?  I'm no expert but I think his heirs would be nuts to sell it to you while he's still alive. It is much more to their advantage from a tax standpoint to wait and inherit the property. But I guess if they want to sell you don't have to tell them that.

Medium team zen logo vJean Bolger, 33 Zen Lane | http://www.solidrealestateadvice.com

Originally posted by @Brian Gibbons:

Ypr best bet is Rick Harmon probate Calif expert

Thanks Brian. I sent him a message. 

Originally posted by @Jean Bolger:

I don't understand: You talk about the trust, and then specify that the property is not is a trust? Could you clarify that?

An 80  yr old person with dementia can live a long time, so you may be jumping the gun on the heirs/probate notion.

Is the conservator a family member, one of the heirs?  I'm no expert but I think his heirs would be nuts to sell it to you while he's still alive. It is much more to their advantage from a tax standpoint to wait and inherit the property. But I guess if they want to sell you don't have to tell them that.

1. The contact that I'm speaking with says he is the trustee of the family trust. When I pulled title the property is in original owner's name. Not family trust. 

2. The conservatorship/trustee says that the owner is not capable or soon will not be capable of making decisions, and he can present a purchase offer to the courts to sell the property. 

3. The property is negative cash flow to their estate's portfolio which justifies selling it. 

Note: Property is managed by local Texas property management and is currently -$24,000 per year due to 75% occupancy and ALL BILLS PAID. Adjacent apartment complexes are at full occupancy with tenant paid utilities. He will also do a lease purchase.

I hope that answers your questions, if not let me know. 

The facts are not clear. Conservatorships are established for persons not capable of making namely fully-informed decisions concerning either estate, personal welfare or both. I believe atty Andrew Wallet is still co-conservator of Britney Spear's estate, for example.

I can't speak for TX law, nor am I a CA attorney. Here red the issues that I see:

1) Is this a CA conservatorship? Of the person and the estate?

2) Has an ancillary matter been established in TX? 

3) Why hasn't the trust been funded (transferred into) with the TX property?

4) Must confirm that CA court jurisdiction will prevail if challenged. Does it supersede TX due to conservative being domiciled in CA?

This is all a bit academic as title company trumps judge. I tell that at every speech I make to attorneys, including the ones that judges and commissioners attend. 

Part of the problem is that we don't really know all the facts and really don't know with any certainty what will be required to pass marketable title. Court order for sure. Smart attorney will draft the proposed order authorizing sale of real property as yo what title wants prior to submitting to bench officer (judge) for signing.

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