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Markesha Smith
  • Realtor
  • Minneapolis, MN
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Who owns the property? Family Home with Deceased Owners

Markesha Smith
  • Realtor
  • Minneapolis, MN
Posted Jun 5 2018, 18:14

Hello, My husband and I are New to BP and Real Estate Investing.  We are interested in purchasing 2-4 unit homes in the Minneapolis area.  We recently discovered there is a home within our family that may not have a true owner. (best way I can put it) 

 A family member with declining health has lived in this all of his life and has been the only resident since his mother passed away over 30 years ago.  The property was never in her name but in her parent's name who passed long before her and they are still showing on the record as the owners.  There is no mortgage and he pays the taxes.

Questions:  The current resident has children. Would they have any rights to the property if he were to pass away or has to leave the home because of health issues?   While he still has a sound mind, is there anything he can do to take ownership of the property in order to sell it?  We would like to take on this property eventually but don't know how to approach it.  Any advice would be appreciated.  Thanks!

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