Hey I have question, about year ago we made an offer on a house it was listed 80k and we made offer of 90k and Realestate agent told us someone offered 95k and their offer was accepted it was sealed offers, and we could not buy it, I just came across with that house again it says sold for 80 on... Read more »
The initial contract price is not always the final sale price. While it is possible your agent lied, it is also possible that the Seller in fact accepted a higher offer and either the appraisal or an inspection caused a re-negotiation of the price before it got to sale. Because contracts,...Read more »
The fee for trusts is not set by law and estate planning attorneys will set their own rates, so a trust may cost more or less than the figure you quoted, depending on the circumstances and what else is involved. (My firm, for example, at time of this post prepares comprehensive revocable trust...Read more »
I have no expectations as one of the four children that I have sole right to the property and estate. What I am wondering is, because I am very low income, part of which is due to health issues, how much notice do I have a right to receive before they try and sell the house. For what we're... Read more »
Once someone passes away, their property becomes a part of their probate estate. Property in the name of someone who died cannot be sold until an estate is opened and someone is appointed as Personal Representative of the estate. Your post does not indicate whether an estate has been opened or...Read more »
Are you selling the property? If not, you typically would not calculate capital gains tax at this stage. When you do sell, the capital gains will depend how you received the property, how much it sold for and what the original value or "basis" is. Typically an accountant...Read more »
In 1998 my parents helped me buy a condo. The deed has my name and my father's name on it. I was told at the time that when he died I would automatically inherit his share of the condo, with no taxes owed. He died in 2011 and I have not tried to change the deed and I'm worried about any... Read more »
Your situation seems to involve a hybrid -- if your name was put on the property while your father was living, and you inherited the balance when your father died you need to separately figure out the capital gains for each half. The very general rule is that anything someone inherits gets a...Read more »
question I previously posted. (1) I noticed on the MD court website for my mother's estate, with the docket of forms already filed with the court, the PR has listed $0 in inventory of household belongings filed. I've become aware an appraiser was hired to sell, donate or gift belongings... Read more »
We and three other families intend to sell our homes when our kids go to college and build one large custom home on acreage. Should we form some manner of legal entity to pool our money and deal with the builder, etc.?
The answer depends in part on whether you need funding (mortgage) or not. Funding as an entity will be different than getting funds as an individual (or couple) for a primary residence. Additionally, an LLC is not a natural person so property held by an LLC will not be anyone's principal...Read more »
recent update was filed but wasn't included in the docket information to request a copy. Why is this not listed? Also, can you tell me what are "court sealed dockets" that are not available to request a copy other than a Will held in safekeeping? Thank you.
all necessary info and guidelines for the Executor to proceed, but more importantly to avoid any unnecessary legal fees. As a beneficiary only myself, I suppose I can file a grievance with the court if need be. Can you tell me what a probate lawyer can do that I wouldn't be able to do myself... Read more »
At the outset it isn't clear if you are both the Personal Representative and an heir (or only an heir). In the average (routine) estate heirs do not engage lawyers while it is common for the Personal Representative to hire a lawyer to assist with the estate administration.
Assuming the "family home" is in the probate estate, then yes, a Personal Representative of an estate can usually sell the property without getting permission from other family members. However, the Personal Representative must report the sale to the court and get the court to sign off...Read more »
This appears like a conclusion rather than a question. However, to the extent this is a question asking whether a Personal Representative can/should avoid appraising an asset to avoid tax, that would be a very ill-advised course of action. A Personal Representative has an obligation to appraise...Read more »
I inherited a house in Maryland. The estate is in probate and I'm the executor and sole heir (I will be filling for modified administration). As I understand it, the house can be sold either by the estate or deeded to me first before the sale. For both options, when exactly in the probate... Read more »
Only had his name on it. His name solely on the mortgage, but home owners insurance both names. He had credit card debt for less than 5 grand. My mom still lives in the home and we are trying to secure it for her. If we pay the credit card debt will this help or hinder the process. We just want the... Read more »
I respectfully disagree with the other attorney's suggestion to present the marriage certificate and do a "corrective deed" -- if your father died with the house titled in his name, it must go through probate. The fact that he was married at the time he purchased doesn't change...Read more »
Not every real estate contract can be unilaterally assigned. It isn't clear whether you are asking for help drafting a Purchase Agreement with rights to assign, or whether you wish to assign an existing Agreement / Contract of Sale.
Real Estate contract clauses vary not only state to...Read more »
Most Wills say bond is waived for the Personal Representative. So this usually only comes up when someone dies without a Will. Bond basically protects the heirs and creditors when the Personal Representative runs off with the assets. Bond premiums cost money and they get paid out of the...Read more »
I am purchasing a renovated,previously vacant home in Bmore. The home was previously purchased by the Mayor and city via condemn- immed. Title and posses., then purchased by and investor who renovated it. My title company told me that I need to redeem a ground rent that was on a deed from 1967... Read more »
A title company shouldn't demand redemption, though they should make you aware if there is a ground rent that it needs to be paid. Title can (and does) routinely pass with ground rents, although redeeming can save hassle and headache down the road by eliminating the ground rent and just...Read more »
Can I write a check to my 2 year old grandson in his name. Of course, his father would have to endorse it. Would he have to set up a new account for the child?I recall getting a check as a child and it read pay to the order of my name (minor).
Maryland law allows for minors to hold funds in special accounts under the Uniform Gift to Minors Act. Such accounts have the minor's name PLUS an adult "custodian" who acts on behalf of the minor until they reach majority. The funds belong to the minor but the adult can make...Read more »
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