Estate Law Questions? Ask an Estate Lawyer.
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I am sorry for this dilemma. But not sure I understand your specific question. The daughter wants to sell her remainderman share to purchase a home for herself?
She can sell her share. That would have NO impact on the parents life estate.
That said, it may be tough to find a buyer (since the buyer has to wait for the parents to die before they can take possession)...or get the price she wants (because the buyer has to wait an undetermined time to take possession).
But that interest (the reminderman interest) is an interest in the real property and can be conveyed (sold).
Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.
That interest can be conveyed (so it has some value)
But you may have a tough time finding a lender.
This is NOT a typical mortgage...the rules for FHA (the most common type of mortgage) will not allow a bank to lend on this interest. You would need to find a lender that specializes in this....and will likely pay a premium if you can find one willing to take the interest as collateral.
But most lenders will not touch this...consider searching for a private party who would provide the loan.
Again, I would shop private lenders. You are looking for something that is unique (again, not FHA approved). But a private lender who understands the value of the real property interest may be willing to give a loan
Sorry...I do not understand. What do you mean by you loan money and her share is reduced? What does that mean?
Are we talking about your sister? Your original question was not clear...
That makes sense.
Then yes...if you want you can offer to "buy out" a portion of her share...so you give her money now in return for a larger share of the property. You can have a local attorney help you complete this transaction.
That is a problem. You may be able to find someone to loan on this...but they will require you pay the money back.Consider selling your interests...that would give you money that you could use as you liked.
You can sell of your interest...it can be conveyed. So can your sister.So you and/or your sister sell your interest in the home. That would give you money to do with what you like
You are asking for ways to turn this into money...the easiest way is to sell it.
You selling your interest and or your sister selling hers would not impact your parents right to use the house for the remainder of their lives.
Yes...You selling your interest and or your sister selling hers would not impact your parents right to use the house for the remainder of their lives. This includes collecting rents.
More difficult to sell?
Perhaps. And not worth what the home is worth outright (without a life estate)
But there is some value. If you want to tap the value and do not want to take a loan your recourse is to sell
YOu askWhat professional title gives advise on budgeting and how to determine ways of making their assets fund their future?You can seek the advise of an investment adviser.
We have gone back and forth on this for some time.
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Please rate the answer so I may receive creditThanks for your understandingPhil