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Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 29218
Experience:  29 years in civil, probate, real estate, elder law
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I am trying to buy a property that has title problem. The property

Customer Question

I am trying to buy a property that has title problem. The property is owned by 5 brothers and sisters and only one is survived now. We have gone back and forth for a year now try to solve the issues. In the last iteration, my lawyer told the seller's attorney a list of things that title company asked for three month ago, the seller got the answer back recently, and then the tile insurance company reviewed the issue again, got additional request, Could you help me assess how serious this is? What is my best option moving forward?
Andrew, Bessie, Mary, Hercule are seller's brother and sisters who passed away:

1. Commonwealth of MA’s objection filed in Andrew’s Estate. We need something from the Commonwealth that this has been taken care of.

2. Bessie’s Will: There is a 316k Medicaid lien which will need to be released, as well.

3. For Mary’s Estate, since the bond was just allowed this year, the Deed should only be coming from the Executor of her Estate per the power of sale. The devisees under her Will should not be joining in the Deed

4. Hercules license to sell. The liens should not be listed right on the License to Sell and would indicate that the liens would necessarily attach to the proceeds, especially a $2 mil Commonwealth of MA MA Health lien. It makes it seem like because they are set forth on the License that the License is subject to those liens. Arthur does not take any interest in the property. Marjorie takes everything under Arthur’s Will. Bessie takes her interest subject to the Executor’s power of sale. The Executor must sell per the power of sale since this is being sold within 1 year of Bessie’s death. Ellen cannot be on the deed.


5. Need 65C for both Hercules and Bessie

Thanks,

Sean
Submitted: 1 year ago.
Category: Legal
Expert:  Ray replied 1 year ago.

Customer:

Thanks for your question and good morning.My sympathy here for your situation and dilemma.

Customer:

This is a terribly complex real estate closing.It involves what appears to be four estates and one survivor.

Customer:

Each estate here has to be opened and possibly have a probate court approve a sale to you and deed the property here to you and sign closing documents.Honestly you have to decide if you are willing to wait for what might be another year or so to clear up all of this.It really depends how great a deal it is here or how bad you are in love so to speak with the property.

Customer:

In my mind there should be a serious discount of price here in order for you to wait for all of this to occur.The multiple estates are going to have real problems finding a patient buyer.I have seen such situations where the right person who is willing to wait this out gets a great deal.

Customer:

Again if this is not a great deal or you are not in you are not hopelessly in love with the property you probably have outs here is the sales contract had a time limit to close on it.

Customer:

Having worked for a title company I can tell you this is something that might take another year and thats if the remaining sibling or someone else involved does not decease here.When there are four estates involved if any did not have wills there has to be a motion to sell it , an order approving listing, a motion and order approving, etc.It is a complicated process involving several trips/hearings before probate judges, etc.It is slow going overall and time consuming.The botXXXXX XXXXXne is that the price here should be lowered because of that, otherwise if you need to close soon and move in, then you may decide to let it go.If you are willing to wait here--and it could be as much as another year then you may get it.Honestly with the complexity it would scare off most buyers.

Customer:

I appreciate the chance to assist you today.Please let me know if you have more follow up.Thanks again.

Customer:

I hope that you will be so kind as to leave a positive rating. If you do have any additional questions about my answer please click the "Continue Conversation Link" so I can provide you with a fully satisfactory answer. Please be aware that any rating of 1 or 2 is reflected as a negative rating and I receive no credit for my answers.



 



 



 



 



 



 



 



This communication does not establish an attorney-client relationship.Information provided here is not legal advice. Rather it is simply general information

Expert:  Ray replied 1 year ago.
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Expert:  Ray replied 1 year ago.
Please let me know if you have more follow up.As I indicated this looks like it might be up to a year away as there are many exceptions identified here invloving four estates.You have to decide if it is a good enough deal to wait on or you take your opportunity to move on if there was a closing date here in the contract.

This is as complicated a colsing with problems as I have seen .It certainly would take some major time here to reconcile all of this.To me you should get some discount here if you are willing to wait and extend the closing deadline.There are not going to be many buyers with the patience here to wait all of this out and the price in my mind should go down for such a wait.
Ray, Lawyer
Category: Legal
Satisfied Customers: 29218
Experience: 29 years in civil, probate, real estate, elder law
Ray and 14 other Legal Specialists are ready to help you
Expert:  Ray replied 1 year ago.
I do appreciate the chance to help you.Did you have more follow up?I took this out of chat because there are chat site problems today.Please let me know if you have more, I know there were a number of issues here.Thanks.
Customer: replied 1 year ago.

The price I got was marked down from $499,000 to $430,000. The current zillow price is $600,000. I think it is a good deal. I have to think if I want to wait for another year.


 


Do you think a right lawyer could help? Should I choose another title company?

Expert:  Ray replied 1 year ago.
No I think the problems are correctly identified.That is a pretty good price you might get them lower if they need more time to close.You can renegotiate price here in return for an extension.The problem is all the estates and the holdup is getting court approval on all of those to close or deed or whatever on behalf of the estate.

Usually some of these involve ones where there is no will so these are court supervised ones that require longer than say ones with a will where the executor once qualified has the ability to sell and sign , etc without court approval.There is a big difference between independent administration where there is a will and a dependent type one where there is no will and court must approve everything along the way.

My thought of say a year is fair period to resolve all of these issues so that might give you an idea of whether to end the deal or renegotiate a reduced price for the delay.

Thanks again and good luck here.
Ray, Lawyer
Category: Legal
Satisfied Customers: 29218
Experience: 29 years in civil, probate, real estate, elder law
Ray and 14 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

 


I talked to seller, and his attorney disagree with these additional requests. Their reason is they can sell the property and decide how to distribute the assets afterwords. For example, for Bessie's case:


 


2. Bessie’s Will: There is a 316k Medicaid lien which will need to be released, as well


 


They think they can give her portion to Medcaid after the sell is closed. Is this a reasonable argument? What should happen to properly release the 316k Medicaid lien? What would happen if it is not released properly and I got the property, do I need to pay the 316K?:


 


 

Expert:  Ray replied 1 year ago.
You would not want to close here until the lien is paid.It is possible here for th title company to hold the money and pay the lien and then release the balance to the seller.But you would want that assurance from the ttitle company that this will work and they can get the lien released as part of closing.The title company directs all of this.They would determine whether this is acceptable to medicaid.The lien here remains attached to the property and title until paid and released by medicaid.

Thanks for the follow up.
Customer: replied 1 year ago.

That is excellent.


 


Sorry to bother you another one. For item four, seller's attorney feels like everything is related how to distribute the asset after sell, he feels it is not related to this sell and he can decide it himself after the sell. lien we can address like you suggested, what about the who should or should not be on the deed, is it really related to this sell?


 


4. Hercules license to sell. The liens should not be listed right on the License to Sell and would indicate that the liens would necessarily attach to the proceeds, especially a $2 mil Commonwealth of MA MA Health lien. It makes it seem like because they are set forth on the License that the License is subject to those liens. Arthur does not take any interest in the property. Marjorie takes everything under Arthur’s Will. Bessie takes her interest subject to the Executor’s power of sale. The Executor must sell per the power of sale since this is being sold within 1 year of Bessie’s death. Ellen cannot be on the deed.

Expert:  Ray replied 1 year ago.
I would tend to following absolutely what the title folks state here since it is a title issue they have identified in their search of the title and other real estate records.Without being able to see the documents here you have to take them at their word.What the title insurance company is telling you is that they have identified these problems/exceptions and will not write a title policy to the property until they are resolved.The burden here is on the seller to resolve any title issues such that they convey a clear title to you.You should accept nothing less and unless the title company agrees here that everything is resolved you don't want to accept anything less.They are protecting you from future problems in the event you need to resell.So follow their advise, make the seller and their lawyer resolve these prior to closing or don't close.
Ray, Lawyer
Category: Legal
Satisfied Customers: 29218
Experience: 29 years in civil, probate, real estate, elder law
Ray and 14 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

My current lawyer, offers me to option to switch lawyer if I wish:


 


If you want to find another attorney to assist with closing the loan I would be happy to pass along the title. Perhaps their title insurance company will not take issue with the remaining items?


 


Do you think it would help?


 


 

Expert:  Ray replied 1 year ago.

I think any other lawyer and title company if they are doign thier job are going to have these same issues.I think the seller needs to resolve these or you need to consider looking for another property.To me this would cause you to incur additional legal fees but srgainigntill identify the same problems.

As a former title company closer I can tell you that the title company is telling you that you aren't getting what you are barganing for--a clear title.These are legitimate issues that either the seller resolves or you decide to get your earnest money back and look elsewhere.

My tendency would be for you to let this property go and look elsewhere.In my mind they are going to end up discounting this property way more because of the issues that remain.It is possible that they come back to you with a counter.I don't see this property selling for awhile or at least closing.

If you do not locate another property you might encounter this one again at a much reduced rate.Thats just my impression here, certainly your judgment based on what you really want to do comes into play.

 

One of the best things that ever happened to me was a house that I couldn't close on. My job relocated a couple of months later, my life went in a totally different direction I would have been stuck with it for probably a year and lost money on a resale.Looking back I was so lucky it didn't happen.It tempered me in these kinds of deals.Sometimes its not meant to be and that can be a good thing, something better may well come along with fewer title issues.

Customer: replied 1 year ago.

Excellent advice from your experience, I really appreciate it!


 

Expert:  Ray replied 1 year ago.
You are so welcome.Thanks for the ratings and letting me help you .

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