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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I'm an 80 year old women, my home is a barn on property that

Customer Question

I'm an 80 year old women, my home is a barn on property that used to be the family farm. Over the years I have invested a great deal of money to transform the barn in to my home. I also have a rental unit on the second floor which supplies income to augment my social security. Twelve years ago my two siblings and I equally purchased these five acres, upon which my home is located, from our mother and formed an L.P. The LP has expired Dec. 31, 2015, as our document prescribes, the land must be sold. As I have built my home on property I did not own I stand to loose my home and the income I now depend upon. My home is the most valuable structure on the property. There are many negative issues related to developing this land which will greatly diminish the value. After an equal division of the proceeds I stand to loose not only income but much of my investment in the barn. Is there any legal means to keep my residence under these circumstances?
Sincerely
Mariann
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Barrister replied 11 months ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes and ordinances and type out an answer or reply, but rest assured, I am working on your question.

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I need to ask a few questions before I comment..

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When you formed the LP and bought the property with your siblings, were you aware that it was to terminate on Dec 31, 2015?

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Was there any consideration given to the fact that the barn was your home in the LP with regard to what you would receive from the sales price when the property was sold?

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And I assume that you are not in a position to purchase the property yourself?

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thanks

Barrister

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