What is the name of your state (only U.S. law)? North Carolina
I need advice involving real estate and power of attorney.
My mother-in-law, age 96 is in a long term care facility. She has 4 children and a house. Her daughter has “power of attorney”. The house was sold as “lease to own” with a balloon payment after 5 years. Simple contract. The buyer is also responsible for taxes and insurance. Current value of the property around 160-180k.
The buyer is no longer interested in purchasing the house and has not secured financing, but the contract keeps getting renewed with him. We are going into the 2nd extension with him (7 years). The buyer hasn’t lived in the house for the past 3-4 years, it has been occupied by the buyer’s son and his family.
I discovered on the Property tax appraiser’s web site recently that the Buyer is listed as the owner of the house. My mother-in-laws name doesn’t appear anywhere.
I personally want the house sold or put on the market before my mother-in-law passes, while the power of attorney is still valid. I see a train wreck coming and I can’t convince the family to react. My theory is and maybe I’m wrong: We have the benefit of power of attorney, but, upon the death, everything shifts to an estate attorney and a long drawn out fight.
Question:
1) How can the buyer claim ownership to the house on the tax appraisers records?
2) Does my mother-in-law just have a lien on the house? What happens when she passes?
3) Will it take a foreclosure to these people out?
4) Does any active lease contract become invalid at her death (power-of –attorney ends)?
5) Are we setting our selves up for a legal battle with the buyer, giving him future legal leverage against us?
I need advice involving real estate and power of attorney.
My mother-in-law, age 96 is in a long term care facility. She has 4 children and a house. Her daughter has “power of attorney”. The house was sold as “lease to own” with a balloon payment after 5 years. Simple contract. The buyer is also responsible for taxes and insurance. Current value of the property around 160-180k.
The buyer is no longer interested in purchasing the house and has not secured financing, but the contract keeps getting renewed with him. We are going into the 2nd extension with him (7 years). The buyer hasn’t lived in the house for the past 3-4 years, it has been occupied by the buyer’s son and his family.
I discovered on the Property tax appraiser’s web site recently that the Buyer is listed as the owner of the house. My mother-in-laws name doesn’t appear anywhere.
I personally want the house sold or put on the market before my mother-in-law passes, while the power of attorney is still valid. I see a train wreck coming and I can’t convince the family to react. My theory is and maybe I’m wrong: We have the benefit of power of attorney, but, upon the death, everything shifts to an estate attorney and a long drawn out fight.
Question:
1) How can the buyer claim ownership to the house on the tax appraisers records?
2) Does my mother-in-law just have a lien on the house? What happens when she passes?
3) Will it take a foreclosure to these people out?
4) Does any active lease contract become invalid at her death (power-of –attorney ends)?
5) Are we setting our selves up for a legal battle with the buyer, giving him future legal leverage against us?