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O please help me .. i think my own father is ripping me off .
- Thread starter sopherim
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That the party warrants that when the transfer occurred there were no undisclosed title clouds.
What are you trying to accomplish?
Well Long story short My father in law is trying to prevent us from holding a Music event on the property ... He tells me we do not own the property and cannot do a thing unill he is dead ... here is the contract ... Again 10x10 i thankyou for your time and consideration in this matter . I ask that you excuse my poor typing skills and punctuation issues . I am tech/computer illiterate . The ONLY area's excluded is a description of the Land Parcel and Descriptions of the Driveway rights we all share . I will be using Ted where the name Theodore .C Wrench is used and Ann where my sister AND Her Hubsters name appear .Ted is the seller ,Ann is the buyer..other names have been shortened for the sake of time.
The following is copied from a separate agreement attached to the deed and all parties have signed on October 12. 2004 .
Keeping in mind Ann is 1 full calendar year AHEAD of scheduled payments
Between Ted and Ann [their addresses] where as this day ted is conveying his real estate in the town of coventry to ann.
where as the penny fest has been using a portion of the wrench real estate [address] for several years and shall be allowed to continue for 5 years after ted dies. Penny fest must provide proper insurance.
It is also agreed as a condition of the transfer,that ann [addresses] will pay ted 6,000 annually while ted and his wife brenda [addresses] are alive.This payment is due on oct 1,2005 and on this same date in each following year.
This payment will cease when ted n wife die or neither of them reside on the premises.
Ted retained a limited power of appointment in the conveyance of the premises . He agrees that he WILL NOT exercise that power UNLESS the payments referred to above have not been made for a period of one full year.
in the event that Ted and Wife must institute an action to enforce this document Ann has to pay any and all costs associated with the action .
Then it is Dated and Signed by all parties .
Next is copied from the Deed- Warranty with Lien covenant .
This Indenture 10/12/2004 between ted party of the first part and ann party of the second part [addresses]
witnesseth that the party of the first part in consideration of one dollar lawful money ,paid by the parties of the second part ,does hereby grant and release unto the parties of the second part their heirs and assigns forever.
next is 2 and a half pages of strictly descriptions of the property and where and how it is located .Also including Promise of forever right of way on the drive way for myself ,ted, ann, and 3 other people who all share this one driveway to the main road.
Immediately following the above description is the following .
The Above premises are subject to any and all utility easements of record .and the rights of others to use the driveway as stated .
The Grantor reserves for himself and whoever he wants the timber rights to the above said premises for 2 years from the date of this deed .
The Grantor reserves a life estate in the premises for himself and his spouse including the right to its possession ,control,enjoyment,use and occupancy during his lifetime.and his spouses lifetime.with the holder of the life estate to pay for all maintenance ,repairs ,water and sewer,and insurance ,and taxes related to the premises .
in the event that ted dies and brenda does not reside in the house on the premises for a period of 6 months , this life use shall cease.
The grantor reserves the right to appoint the remainder and or grantors life estate in the premises to any one or more of the issue of the grantor ,siblings,or the spouses or surviving spouses of any of the foregoing persons, with the term ISSUE being deemed to include persons who have been adopted according to law or born out of wedlock .This power may be excerisable or may be relinquished during the grantors lifetime by a deed executed to the grantee herin or to others who are members of the class of appointees set forth herin,making express reference to this power and recorded in the county clerks office where this deed is recorded .prior to the grantors death. This deed power shall not be excercisable by a will . NO exercise of this power shall be deemed to release the grantors life estate unless this release is explicitly made in a deed .The exorcise of this power shall not exhaust it ,unless the power is specifically released in such a deed , the deed recorded last shall control as to any ambiguities or inconsistencies
Together with the appurtenances and all the estate and rights of the party of the first part in and to said premises
To have and to hold the premises herein granted unto the parties of the second part their heirs and assigns forever
And said party of the first part covenants as follows
first that the parties of the second part shall enjoy the said premises
second ,that the said party of the first part will forever warrant the title to the said premises
third ,that in compliance with sec 13 of the lien law the grantor will receive the consideration for this conveyance and will hold the right to receive such consideration as a trust fund to be applied first for the purpose of paying the cost of the improvement and will apply the same first to the payment of the cost of the improvement before using any part of the total of the same for any other purpose
Then it is witnessed signed and notarized
Who or what is Penny Fest?
On a quick scanning, it appears that Ted and Brenda have retained a life estate in the property. It would appear that, except for the agreement to allow Penny Fest use of some part or all of the property, Ted and Brenda can determine use of the property.
On a quick scanning, it appears that Ted and Brenda have retained a life estate in the property. It would appear that, except for the agreement to allow Penny Fest use of some part or all of the property, Ted and Brenda can determine use of the property.
Thankyou for your response ...
I still do not understand why Ted and Brenda can call the shots . Especially due to the following excerpts
Ted retained a limited power of appointment in the conveyance of the premises . He agrees that he WILL NOT exercise that power UNLESS the payments referred to above have not been made for a period of one full year.
he party of the first part in consideration of one dollar lawful money ,paid by the parties of the second part ,does hereby grant and release unto the parties of the second part their heirs and assigns forever.
The Grantor reserves a life estate in the premises for himself and his spouse including the right to its possession ,control,enjoyment,use and occupancy during his lifetime.and his spouses lifetime.with the holder of the life estate to pay for all maintenance ,repairs ,water and sewer,and insurance ,and taxes related to the premises .
in the event that ted dies and brenda does not reside in the house on the premises for a period of 6 months , this life use shall cease.
Together with the appurtenances and all the estate and rights of the party of the first part in and to said premises
To have and to hold the premises herein granted unto the parties of the second part their heirs and assigns forever
And said party of the first part covenants as follows
first that the parties of the second part shall enjoy the said premises
second ,that the said party of the first part will forever warrant the title to the said premises
Now I have always believed That Ted cannot prevent me from having events that he only calls the shots concerning his OWN HOUSE and not the entire property because it specifically states LIMITED POWER ,that only can be exercised if the payment is a year late . As well as this section
The Grantor reserves a life estate in the premises for himself and his spouse including the right to its possession ,control,enjoyment,use and occupancy during his lifetime.and his spouses lifetime.with the holder of the life estate to pay for all maintenance ,repairs ,water and sewer,and insurance ,and taxes related to the premises .
in the event that ted dies and brenda does not reside in the house on the premises for a period of 6 months , this life use shall cease.
So How come He can Tell Me NO if his power is limited to the control and maintenance of the house he lives in ,and if i am behind in payments ???
im confused
I still do not understand why Ted and Brenda can call the shots . Especially due to the following excerpts
Ted retained a limited power of appointment in the conveyance of the premises . He agrees that he WILL NOT exercise that power UNLESS the payments referred to above have not been made for a period of one full year.
he party of the first part in consideration of one dollar lawful money ,paid by the parties of the second part ,does hereby grant and release unto the parties of the second part their heirs and assigns forever.
The Grantor reserves a life estate in the premises for himself and his spouse including the right to its possession ,control,enjoyment,use and occupancy during his lifetime.and his spouses lifetime.with the holder of the life estate to pay for all maintenance ,repairs ,water and sewer,and insurance ,and taxes related to the premises .
in the event that ted dies and brenda does not reside in the house on the premises for a period of 6 months , this life use shall cease.
Together with the appurtenances and all the estate and rights of the party of the first part in and to said premises
To have and to hold the premises herein granted unto the parties of the second part their heirs and assigns forever
And said party of the first part covenants as follows
first that the parties of the second part shall enjoy the said premises
second ,that the said party of the first part will forever warrant the title to the said premises
Now I have always believed That Ted cannot prevent me from having events that he only calls the shots concerning his OWN HOUSE and not the entire property because it specifically states LIMITED POWER ,that only can be exercised if the payment is a year late . As well as this section
The Grantor reserves a life estate in the premises for himself and his spouse including the right to its possession ,control,enjoyment,use and occupancy during his lifetime.and his spouses lifetime.with the holder of the life estate to pay for all maintenance ,repairs ,water and sewer,and insurance ,and taxes related to the premises .
in the event that ted dies and brenda does not reside in the house on the premises for a period of 6 months , this life use shall cease.
So How come He can Tell Me NO if his power is limited to the control and maintenance of the house he lives in ,and if i am behind in payments ???
im confused
Because it says:
That would be an unusual interpretation since "premises" is normally defined as land and any improvements on such land.
Are you interpreting "premises" to mean only a house on the property?The Grantor reserves a life estate in the premises for himself and his spouse including the right to its possession ,control,enjoyment,use and occupancy during his lifetime.and his spouses lifetime.with the holder of the life estate to pay for all maintenance ,repairs ,water and sewer,and insurance ,and taxes related to the premises .
That would be an unusual interpretation since "premises" is normally defined as land and any improvements on such land.
Coventry is in Chenango County, Upstate NY ... And yes i did interrupt the term Life Estate to mean the House, because it says life estate IN the premises and because in the next sentence it uses the word house . I also believed that i could go ahead with the event because of the section where it tells me that Ted has LIMITED CONTROL ... and can only exercise that Limited control if payment is late . So how can he have COMPLETE Control if this tells me he has Limited control of the Premises but full control of his life estate .
I suggest that you look up what a power of appointment is.
Those sentences seem pretty straightforward to me. As long as Ted is alive, he and Brenda enjoy a life estate in the premises - the land and the house upon the land. If Ted dies and Brenda no longer resides in the house for a period of 6 months, the life estate is terminated. The second sentence does not impose a definition upon "premises" as used in the first sentence.
If you disagree, you can certainly consult with a real estate attorney.
I'm not certain what importance you place on the word "IN." Or why....because it says life estate IN the premises and because in the next sentence it uses the word house .
Those sentences seem pretty straightforward to me. As long as Ted is alive, he and Brenda enjoy a life estate in the premises - the land and the house upon the land. If Ted dies and Brenda no longer resides in the house for a period of 6 months, the life estate is terminated. The second sentence does not impose a definition upon "premises" as used in the first sentence.
If you disagree, you can certainly consult with a real estate attorney.
There is also this section
Together with the appurtenances and all the estate and rights of the party of the first part in and to said premises
To have and to hold the premises herein granted unto the parties of the second part
The word Appurtenances is defined in real estate law as : Something belonging to the land and transferred with it, such as buildings, fixtures, rights
this means to me .. that Ted gives ME the RIGHT to have my Festival ,
then "To have and to hold the premises herein granted unto the parties of the second part" Means it is MY property .... he granted me THE Premises and the RIGHTS to It ...
HOW in the HECK can he have interpreted this to mean HE calls the shots . how can he say i do NOT own the property ?
Together with the appurtenances and all the estate and rights of the party of the first part in and to said premises
To have and to hold the premises herein granted unto the parties of the second part
The word Appurtenances is defined in real estate law as : Something belonging to the land and transferred with it, such as buildings, fixtures, rights
this means to me .. that Ted gives ME the RIGHT to have my Festival ,
then "To have and to hold the premises herein granted unto the parties of the second part" Means it is MY property .... he granted me THE Premises and the RIGHTS to It ...
HOW in the HECK can he have interpreted this to mean HE calls the shots . how can he say i do NOT own the property ?
OK .. SOooOoo The Definition
Power of Appointment:
Your right to direct who takes trust property, either when you are alive or at your death. A “general power of appointment” (GPA) means that in addition to directing the property to other people, you can also direct it to yourself, your estate, your creditors or the creditors of your estate. The property over which you have a GPA is includible in your estate for estate tax purposes. A “limited power of appointment” (LPA) means that you cannot give the property to yourself, your estate, your creditors or the creditors of your estate – even though, depending on how broadly the power is written, you could conceivably give it to anyone else. The property over which you have an LPA is not includible in your estate for estate tax purposes.
I do not understand how this information is relevant to My questions ... Because we have already established that i have bought the property for 1 dollar and pay 6,000 a year in taxes . the property is mine .. BUT I have NO Rights ?
Power of Appointment:
Your right to direct who takes trust property, either when you are alive or at your death. A “general power of appointment” (GPA) means that in addition to directing the property to other people, you can also direct it to yourself, your estate, your creditors or the creditors of your estate. The property over which you have a GPA is includible in your estate for estate tax purposes. A “limited power of appointment” (LPA) means that you cannot give the property to yourself, your estate, your creditors or the creditors of your estate – even though, depending on how broadly the power is written, you could conceivably give it to anyone else. The property over which you have an LPA is not includible in your estate for estate tax purposes.
I do not understand how this information is relevant to My questions ... Because we have already established that i have bought the property for 1 dollar and pay 6,000 a year in taxes . the property is mine .. BUT I have NO Rights ?
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Because he retained a life estate that provides him "...the right to its possession ,control,enjoyment,use and occupancy during his lifetime.and his spouses lifetime..."HOW in the HECK can he have interpreted this to mean HE calls the shots . how can he say i do NOT own the property ?
Actually, that was my point.I do not understand how this information is relevant to My questions
I again suggest that you consult with a real estate attorney to understand what you have and what your rights are.
Yes I agree ,i am waiting to hear back from 2 real estate lawyers who i faxed the papers too ,as well as i have made an appointment to go to a local lawyer on thursday .
May i ask what was the point of me looking up Power of Appointment ? I am sincerely asking . Quote:
I do not understand how this information is relevant to My questions and you then state
"Actually, that was my point." im sorry but i missed it **************.
Also .. i am asking .. how does that one sentence .. about his life estate take presidence Over the other ones i listed .. such as
Together with the appurtenances and all the estate and rights of the party of the first part in and to said premises
To have and to hold the premises herein granted unto the parties of the second part their heirs and assigns forever
And said party of the first part covenants as follows
first that the parties of the second part shall enjoy the said premises
second ,that the said party of the first part will forever warrant the title to the said premises
And this one
Ted retained a limited power of appointment in the conveyance of the premises . He agrees that he WILL NOT exercise that power UNLESS the payments referred to above have not been made for a period of one full year.
I am really not tryin to be a block head here ... and i am doing the lawyer thing .. i just wanted to try and find out as much as i could before thursday .. this has been so heavy on my mind that i cannot even sleep .
May i ask what was the point of me looking up Power of Appointment ? I am sincerely asking . Quote:
I do not understand how this information is relevant to My questions and you then state
"Actually, that was my point." im sorry but i missed it **************.
Also .. i am asking .. how does that one sentence .. about his life estate take presidence Over the other ones i listed .. such as
Together with the appurtenances and all the estate and rights of the party of the first part in and to said premises
To have and to hold the premises herein granted unto the parties of the second part their heirs and assigns forever
And said party of the first part covenants as follows
first that the parties of the second part shall enjoy the said premises
second ,that the said party of the first part will forever warrant the title to the said premises
And this one
Ted retained a limited power of appointment in the conveyance of the premises . He agrees that he WILL NOT exercise that power UNLESS the payments referred to above have not been made for a period of one full year.
I am really not tryin to be a block head here ... and i am doing the lawyer thing .. i just wanted to try and find out as much as i could before thursday .. this has been so heavy on my mind that i cannot even sleep .
Do you understand what a life estate is?
What gives me some pause is the $6,000 per year payment. Unless that $6,000 gets you something, sounds more like an installment sale. Which still does not mean that Ted can't retain a life estate in the property.
It is difficult to offer opinion without seeing all the documents. But I went and one it anyway. Now it's time to see what the attorney(s) who have been able to read through everything have to say.
(And, please, if you add quotes from the documents, adjust the font. That bolded, whichever font is tough to read,)
Well, you quoted that clause in favor of your contentions. That left me scratching my head, wondering if you understood what a power of appointment is.May i ask what was the point of me looking up Power of Appointment ?
What gives me some pause is the $6,000 per year payment. Unless that $6,000 gets you something, sounds more like an installment sale. Which still does not mean that Ted can't retain a life estate in the property.
It is difficult to offer opinion without seeing all the documents. But I went and one it anyway. Now it's time to see what the attorney(s) who have been able to read through everything have to say.
(And, please, if you add quotes from the documents, adjust the font. That bolded, whichever font is tough to read,)
The 6,ooo dollars paid to Ted is strictly for property taxes as the bill comes in his name as well as mine..
And i agree most of what i stated except for the one small paragraph talking about the "Life estate IN the Premises" ... leads me to believe i am correct .. especially because the words Limited control in regards to ted ,
Again .. i appreciate you working thru this with me .. because i am going nuts. I will go back into the previous posts and change the fonts and hope that you would give them a second look .. it really means alot that you are taking the time to discuss this with me
And i agree most of what i stated except for the one small paragraph talking about the "Life estate IN the Premises" ... leads me to believe i am correct .. especially because the words Limited control in regards to ted ,
Again .. i appreciate you working thru this with me .. because i am going nuts. I will go back into the previous posts and change the fonts and hope that you would give them a second look .. it really means alot that you are taking the time to discuss this with me
I see "limited power of appointment." I don't see "limited control." But maybe I missed it....especially because the words Limited control in regards to ted ,
I hate trying to explain what a power of appointment is in a simple, understandable manner. That is why I suggested that you look it up. It does not mean "limited control."
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