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If property with a life estate is sold who gets the money?
The person who owns the fee receives the proceeds from the sale. The life estate holder only has the right to use the property for life. If they relinquish their life estate the owner of the property can then sell it free and clear of the life estate.
Would life estate holder receive proceeds from sale?
From the sale of what? The property can only be sold with the permission of the life estate holder. How much they get would depends on the deal they cut with the remainderman.
Is money from the sale of property part of the estate?
If the property was part of the estate then the proceeds are also part of the estate.
Do the proceeds of an estate sale involving another persons personal property have to be documented?
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Who is entitled to proceeds if all life estate heirs agree to sell property?
If the life estate holders agree to allow the property to be sold then they mush sign the deed and by doing that they will relinquish their life estates. The proceeds from the sale will go to the remaindermen who own the fee interest in the property. In order to encourage the life estate holders to relinquish their life interest the remaindermen may offer a part of the proceeds as an incentive.You should seek the advice of an attorney who can review your situation and explain the options.
What are the rights of the secured creditor?
To receive the proceeds, before others, fom the sale of the secured property.
If the homeowners association foreclose on property how does your loan get paid to the mortgage company?
If the homeowners association forecloses on a property, the foreclosure process typically involves a sale of the property. The proceeds from the sale are used to cover various expenses, including any outstanding debts, such as mortgage payments. The mortgage company will be paid from the sale proceeds first before any remaining funds are distributed to other creditors or the homeowner.
What happens to proceeds from sale of property in partnership?
The proceeds must be divided equally amongst those persons who took title as partners. A tenancy in partnership is a joint tenancy.
Will having a lien prevent the purchase of a home?
Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.
Forcing sale of a house in a will owned by 3 and 1 gets to live there as long as she can afford it that's what the will states 1 party wants to get out how can that happen?
The person who wants to sell can try to sell her interest to one of the other parties or to a third party if she can find a buyer. Otherwise perhaps the property can be partitioned, that is, sold by the court. That may be difficult because any buyer would have to take the property subject to the life estate. Perhaps you could convince the life estate holder to join in the sale of the property and split the proceeds three ways.
Is there a law preventing you from getting money on a short sale if you are not on the mortgage but on the deed?
If you are an owner of the property by deed and there is any money left over from the sale after the mortgage has been paid, that money will be paid to you according to your proportionate interest in the real estate. If two people own it then the proceeds will be split 50/50. However, there are no proceeds to distribute after a short sale since the property is being sold for less than the amount owed on the mortgage.If you are an owner of the property by deed and there is any money left over from the sale after the mortgage has been paid, that money will be paid to you according to your proportionate interest in the real estate. If two people own it then the proceeds will be split 50/50. However, there are no proceeds to distribute after a short sale since the property is being sold for less than the amount owed on the mortgage.If you are an owner of the property by deed and there is any money left over from the sale after the mortgage has been paid, that money will be paid to you according to your proportionate interest in the real estate. If two people own it then the proceeds will be split 50/50. However, there are no proceeds to distribute after a short sale since the property is being sold for less than the amount owed on the mortgage.If you are an owner of the property by deed and there is any money left over from the sale after the mortgage has been paid, that money will be paid to you according to your proportionate interest in the real estate. If two people own it then the proceeds will be split 50/50. However, there are no proceeds to distribute after a short sale since the property is being sold for less than the amount owed on the mortgage.
Can you sell property to pay it off?
Yes. The buyer's attorney will contact the bank and arrange to pay off the mortgage from the proceeds of the sale. Those proceeds will not be paid directly over to you, only the amount that exceeds the amount due on the mortgage. If the proceeds of the sale aren't enough to pay off the mortgage you must come up with the difference or the sale will not go through.
