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01-17-2007, 09:31 PM
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| | | Probate Question
What is the name of your state? Washington DC.
My mother died. She was part owner of our real estate investment company. We have a investment property in her name. We also have a notorized letter giving the company exclusive rights to sell the property. Can we sell the property now ? and if so is there any thing we need to do before we close on the sell ? |
01-17-2007, 09:38 PM
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| | Quote:
Originally Posted by Ron A. Brown  What is the name of your state? Washington DC.
My mother died. She was part owner of our real estate investment company. We have a investment property in her name. We also have a notorized letter giving the company exclusive rights to sell the property. Can we sell the property now ? and if so is there any thing we need to do before we close on the sell ? | Exclusive rights to sell does NOT convey legal ownership. The home and company interest along with all assets must go through probate. Did she have a will?
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01-18-2007, 07:33 AM
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| | | How is the real estate held? LLC? Partnership? Corporation?
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01-19-2007, 07:12 AM
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Originally Posted by BelizeBreeze Exclusive rights to sell does NOT convey legal ownership. The home and company interest along with all assets must go through probate. Did she have a will? | YES, SHE HAD A WILL. THE LOAN ON THE INVESTMENT PROPERTY IS DUE NOW, AND WE HAVE A CONTRACT ON THE HOUSE TO SELL IT. WHAT CAN I DO TO RESOLVE THIS SITUATION NOW ? |
01-19-2007, 07:21 AM
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| | | The Realestate Is A Llc, If We Dont Close Out The Loan Now, They Will Forclose On The Property. |
01-19-2007, 07:40 AM
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Posts: 6,999
| | You wrote: Quote: |
We have a investment property in her name.
| and, Quote: |
We also have a notorized letter giving the company exclusive rights to sell the property.
| But yet, to the question: Quote: |
How is the real estate held? LLC? Partnership? Corporation?
| You answered: Which, as a legal matter is entirely different. You need to see an attorney to resolve these inconsistancies and to deal with the problem. I suspect the LLC does not have title and only have some side arraingement with the deceased regarding the property. (Why this is can only be speculated upon. D-u-m dumb? Careless? Trickery and deceit?)
If so, any right to sell died with the writer of the notorized letter (aka contract? [as listed in a later posting]). While the "contract" may have some meaning in obligating the estate in some way, it will require the legal owner to sign before the property can sell. That owner will be the administrator of the will after they receive permission from the court to be the administrator and in many states (I don't know the specifics of DC law.) require a special motion and the court's permission to sell the real property.
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01-19-2007, 08:01 AM
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| | | How Can I Stop Them From Foreclosing On The Property ? I Am Executive Of The Estate, Bu The Will Has Not Been Probated. |
01-19-2007, 08:04 AM
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Originally Posted by Ron A. Brown How Can I Stop Them From Foreclosing On The Property ? I Am Executive Of The Estate, Bu The Will Has Not Been Probated. | Someone needs to get the lender some money.
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01-19-2007, 10:29 AM
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| | | So, Is There No Other Way To Sell The House Without Going Through Probate ? |
01-19-2007, 10:38 AM
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Posts: 9,345
| | | Find out how much money the lender wants to prevent foreclosure and then consult a bank or credit union for a letter of credit or for a loan to temporarily take care of the matter until probate can be completed.
DANDY DON IN OKLAHOMA (tiekh@yahoo.com) |
01-19-2007, 10:41 AM
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| | | How Long Will Probate Take ? And Whats A Simple Probate ? |
01-19-2007, 11:39 AM
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| | Quote:
Originally Posted by Ron A. Brown How Long Will Probate Take ? And Whats A Simple Probate ? | EXACTLY how is the real estate titled?
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01-19-2007, 01:41 PM
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| | | The Investment Property Is Titled In My Mothers Name. Can I Go To The Probate Court And Solve This Issue Myself ? |
01-19-2007, 01:42 PM
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| | Quote:
Originally Posted by Ron A. Brown The Investment Property Is Titled In My Mothers Name. Can I Go To The Probate Court And Solve This Issue Myself ? | one last time. no it is NOT titled in your mother's name. How EXACTLY (word for word) ?
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01-19-2007, 01:59 PM
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| | | Yes It Is Titled In Her Name, Hazel L. Brown, But She Gave Us Permission To Sell It. | |
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