Thanks for the replies so far. We are just holding as normal in the daily business of the property. I do ask to be careful of our posts on this topic and be sensitive in our statements.
The larger question in this post is : What type of paperwork would this executor of the will or new "owner" be bringing me? If it is the executor of the will would it be a court document or just from their attorney?
There are too many variables to answer that here. If the property was held in a trust, you may not receive any notice at all as the trustee or successor trustee will be handling the funds and the transfer of the property. Some states have simplified probate processes that transfer properties with affidavits or special deeds, so you might just get notice of new ownership. Some estates are really complicated and go on forever.
So maybe you'll hear from a successor trustee, maybe you'll hear from a lawyer, maybe you'll hear from an executor, maybe you'll hear from a public administrator. Just collect the rents and wait and see.
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
12y
Even if someone doesn't have a will there are lines of inheritance defined. In the meantime your obligations continue as an obligation to the estate. You can even pay out the rents to the estate of the current owner until things are settled at least that is my understanding having had a family situation with a similar issue . The leases would normally continue regardless of the property manager. As for proof I expect the executor of the estate would have the will and contact with the deceased lawyer to verify their role. In any case I don't know the legalities, that is just my experience.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
12y
The owner, their heirs or assigns as such interest may appear.....
Did you not have that in your management agreement?
Keep on trucking, collect the rents, deposit as you have, the account won't be closed until they settle the estate. Send a card, maybe flowers, his estate will probably assume the contract, expect it to continue until the end of the term. Not many heirs jump in wanting to manage RE while they have other issues. :)
Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
12y
Should not affect you much at all. Perhaps, if the deceased owner was in the habit of complaining, that should stop. Or at least taper off.
I've had a number of cases referred to me where the property manager just continued to manage the properties, collect the rents, pay the bills, pay the management fees, etc. long after the owner died.
For years!
In one case, the property manager finally died. I learned about the property via a tax sale investor who had it on his radar screen and wanted to engineer a plan to buy as a pre-probate.
Odds are you'll hear from someone in time. Either an attorney or a family member or something else will come up.
As for worrying about your arrangement, why not turn lemons into lemonade by being prepared to either purchase the property(ies) or have a buyer ready and in place?
Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
12y
Obviously you've caught on to my strategy: if I can't impress 'em with knowledge and experience, I can try to dazzle 'em with BS. Hey, it got me thru school anyway.
Property Manager · Greentown, IN · Member since 2013 · 111 posts · 10 votes
12y
Thanks for the replies so far. We are just holding as normal in the daily business of the property. I do ask to be careful of our posts on this topic and be sensitive in our statements.
The larger question in this post is : What type of paperwork would this executor of the will or new "owner" be bringing me? If it is the executor of the will would it be a court document or just from their attorney?
Thanks for the replies so far. We are just holding as normal in the daily business of the property. I do ask to be careful of our posts on this topic and be sensitive in our statements.
The larger question in this post is : What type of paperwork would this executor of the will or new "owner" be bringing me? If it is the executor of the will would it be a court document or just from their attorney?
There are too many variables to answer that here. If the property was held in a trust, you may not receive any notice at all as the trustee or successor trustee will be handling the funds and the transfer of the property. Some states have simplified probate processes that transfer properties with affidavits or special deeds, so you might just get notice of new ownership. Some estates are really complicated and go on forever.
So maybe you'll hear from a successor trustee, maybe you'll hear from a lawyer, maybe you'll hear from an executor, maybe you'll hear from a public administrator. Just collect the rents and wait and see.