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Recent Appraised Value questions

My question is this. My mom and dad own vacant land and my

Hi my question is this. My mom and dad own vacant land and my dad passed away about six months ago. If my mom sells the land will she have to pay capital gains tax on the profit? From what I've read I think she needs to get an appraisal done to establish a new basis and will only have to pay capital gains tax on anything above the new appraisal value. So my second question is if she gets an offer on the land now and goes into escrow, can she get the appraisal done during escrow or does it need to be completed before she excepts an offer? I understand if the appraisal comes in lower than the offer she will need to pay capital gains on the difference.

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

52,242 satisfied customers
Our inherited family home is mortgage free and was "willed"

Our inherited family home is mortgage free and was "willed" equally to four siblings; 25% each. Our sister has been living in the home rent free since mom died in February of 2016. We currently have a purchase agreement with her for a sale price of $80,000.00 and the market appraisal came back today at $93,000.00. So, that's a discount of $13,000 plus we are gifting equity for a total of $6500 to her because she needs this for the down payment (3%) and closing costs (~ $4100). We presumed that she as co-owner would have equity value of $93,000 divided by four to be $23,250.00. The discount plus the gift of equity total $19,500. The three sibling sellers would each receive $24,500.00. Due to our being related and this being considered a non arms length transaction, as long as everyone agrees to these terms; is there any problem with this sort of sale? Would this transaction cause any red flags legally or with the IRS?

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Loren

Juris Doctor

42,522 satisfied customers
My parents died last year and they set up a trust of which

Hello. My parents died last year and they set up a trust of which my brother is executor. We are selling the house, which is on one parcel of land, (1.27 acres), and another vacant lot, (separate but adjacent and buildable .48 acres) and my brother signed a purchase agreement with an FHA buyer in order to get an appraisal. The appraisal came in about $15,000-$20,000 lower than expected, and in that appraisal it says that due to FHA regulation, no value is assigned "surplus" land. Are we now bound by this appraisal that gives no value to a piece of property that clearly has value?JA: Since estate law varies from place to place, can you tell me what state this is in?Customer: White Lake Township, Michigan, which is northeast of the Detroit area.JA: Has any paperwork been filed?Customer: Well, the purchase agreement my brother signed.JA: Anything else you want the lawyer to know before I connect you?Customer: The only other issue is that the purchase agreement does not have the correct name of my parents' trust, it is in my mother's name only.JA: Got it. I'm sure you'll come up with a good name.Customer: Will someone contact me?

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legalgems

Juris Doctorate

17,630 satisfied customers
I have a raw property adjacent to which another landlocked

I have a raw property adjacent to which another landlocked property owner built a house and utilized a road through my property to access over 45 years ago. At the time the area was mostly farmland and my mother owned a large tract of land along the road. The access road went unaddressed for some time. Then as the land was subdivided, the lot that containted the access road was suddenly much smaller than it originally was and the access road became an issue. Some time ago an easement agreement was reach but has since expired and the owner or the landlocked property deceased. The landlocked property has been vacant and unused for the last 2-3 years. The daughter of that landlocked property owner wishes to sell the property, and the potential purchaser has contacted me offering to buy the land through which the road passes for 1/3 of it's appraised value (90K) "because that's all he has left". This potential buyer has gone to the village and county offices to research so has clearly educated himself. The existence of the access road creates setback issues that render the property difficult to build upon and thus difficult to sell, but the inclusion of the land on which the access road was built somewhat rectifies that. My suggestions are : buy the whole property as the two lots combined are worth a great deal, make a new access road through another property to a nearby culdesac, pay 30K for the road, pave and agree as an access for both properties and that the easement is included on the survey and title for my property and does not create setback issues, pay an annual access fee in (or for) perpetuity. Can I be sued if I refuse to sell, or do not accept their offer if it is unreasonable? Do assertions of right of way expire by previous owner's survivor upon transference of title, must the potential buyer or seller resolve this issue prior to sale or can the buyer acquire the property and sue me, and what are my recourse to take the offensive on this. Walton Hills, Ohio Cuyahoga County.

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Ray

Lawyer

Doctoral Degree

41,476 satisfied customers
Would a lender for the buyers require clear title to

Would a lender for the buyers require clear title to property before they lend the money and place a mortgage on the property? I went to the real estate brokers and said that my attorney would draft a contract for 600k but that the buyers must come up with additional money that would be specified in an addendum to the contract. If the buyers could come up with between 60k and 100k to satisfy 2nd, 3rd and 4th mortgage holders, we would sign a new contract with them. We are doing this because the 1st mortgage holder had accepted their offer of 600k but we learned later that it was impossible to clear title without getting the junior mortgages released. I mean we were forced to clear title before we could sell property to a person who needed a mortgage. Since they didn't make their deadlines for escrow and closing, we upped the total cost to them by attaching this addendum. I feel comfortable doing this. The real estate people and the bank are still going by the price of 600. We are having the 60k to 100k going to the junior mortgages by separate arrangement. As for CT, the contract may or may not say it is contingent on Probate order releasing the claim. We have 10 days to get this all squared away if the 600k buyers agree. The real estate agents are off and running understanding that we will go to higher offers after Feb. 14th or so. Does this sound like it might work?

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Ray

Lawyer

Doctoral Degree

41,476 satisfied customers
1.) There is a short sale. The mtg was 1200K but the listing

1.) There is a short sale. The mtg was 1200K but the listing was reduced to 700k, There are junior liens that will not get paid. The brokers are so worried about clearing title, that they want the buyers to produce more money and will negotiate with the junior lien holders to release. I didn't think the buyers could make side deals without making the purchase price higher and without involving the bank with a higher new offer and without paying a new commission and without writing a different offer. Am I correct?2.) The was a first offer for 600. The bank appraised at 500 and accepted the offer but the buyers failed to go to contract and the terms expired. I want to write the 1st offer people that their contract is not valid. Then, I want to send letter to bank saying that I no longer agree to the 1st offer and want to submit a different offer. There are 4 other offers. One offer went above listing price at 800k and came with a nice letter saying that they would not change the architecture of the house. The brokers are resisting me because they are friends with other brokers. Can I write the broker to remind her that she signed a contract with me that makes her my agent that she is bound to represent me? Is she? If so how?

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Ray

Lawyer

Doctoral Degree

41,476 satisfied customers
I own a home with three of my brothers. We are hoping to

I own a home with three of my brothers. We are hoping to trouble shoot any future problems we may have as joint owners (common tenancy I believe?)JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: Washington. The home is in Brier, WAJA: Has any paperwork been filed?Customer: Just the deed no official contractsJA: Anything else you want the lawyer to know before I connect you?Customer: Don't think so Thanks

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

52,242 satisfied customers
On Dec. 30, 2013 H&W bought house for $49,500 paid $9,000

On Dec. 30, 2013 H&W bought house for $49,500 paid $9,000 down. Three year balloon note due to owner. Taxes and interest included in the approx. $550.00 monthly paymt. H&W were led to believe they will qualify for a loan to pay mobile home off. Discovered they not qualify b/c home old, built in 1995. Owner demanded full paymt of balance owed. H&W unable to pay. Maturity date was Dec. 1, 2016. H&W begged Owner to not evict them. Owner agreed to allow them to stay till end of Jan. 2017, provided they pay $700.00 a month in rent. Recently they received a letter stating they must now pay $1,000.00 in taxes by the middle of Jan. 2017.

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LawTalk

Attorney at Law

Juris Doctor

36,432 satisfied customers
Question for Law Educator: Right now have the estate of my

Question for Law Educator: Right now have the estate of my father on the real estate market for sale with a shortsale. Brother is the executor of the estate. Getting offers. Bank will do appraisal and the offer needs to come up to 100% of appraised value. That's all I know. My question is: If we handed keys over to bank instead of trying to sell through real estate broker, will the bank be able to sell for higher price or lower price? Will the bank do minimal maintenance on property?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

115,356 satisfied customers
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