Terrence H Thorgaard's answer Pro rate the cost. In other words, divide $4,000 by the number of lots purchased to calculate the basis for each lot. Or, if you want to be more accurate, calculate the basis for each square foot purchased, and multiply that figure by the size of each lot. You might also want to use the assessed value of each lot, to make sure.
Terrence H Thorgaard's answer You are responsible for any owner-negligence when you receive the deed. But you should have insurance immediately to protect your interest; I doubt that the sheriff or the court is insuring the property.
Robert Jason De Groot's answer If this is actually important enough to you, go see a local real estate attorney who will know the local set back lines and probably be familiar with similar cases in your jurisdiction. Your question requires specific knowledge to answer or time.
Terrence H Thorgaard's answer I gather that you and your first wife owned this building in common (and not as joint tenants with right of survivorship). If it was a tenancy-in-common, was your wife's estate probated? It may be necessary to probate her estate to put record-title in your name.
Whether your current wife would be entitled to inherit the building depends upon the inheritance laws in your state, and perhaps whether you have a will.
You should see an estate-planning attorney to answer this...
Ariel Weissberg's answer In Illinois, no, the amount of time for achieving "adverse possession" is an open and conspicuous ownership for twenty consecutive years. Obviously, if you hold title to the property your ownership is more defined. There is some law that states if you have "color of title" and pay taxes on the subject real estate for seven consecutive years, then you have defined rights in the property, but these rights might still be subordinate to other title holders.
Charles Snyderman's answer It is quite unusual for a seller to back out of a deal, which raises the question what reason the seller gave. In any event, assuming that the seller did not have the right to cancel the deal, the buyer can sue for specific performance, where the court would require the seller to sell to your friend.
Charles Snyderman's answer This arrangement is not unusual, but the agreement needs to have protections built in for you. You should not sign an agreement without having it reviewed by an attorney who is looking out for you.
Charles Snyderman's answer One important question is who owns the property? Is it still in the estate, or did it automatically pass to the heirs upon the death of the owner? If the heris own it, the listing agreement should be signed by the heirs.
Stephen Sotelo's answer It depends. If you are filling out the forms for yourself, in your own transaction, then of course it is perfectly legal. Generally, you cannot, however, fill out real estate forms for others, not even simple fill-in the blank forms, unless you are a licensed real estate salesperson, broker, or attorney. *** This answer is for informational purposes only and does not constitute legal advice or establish an attorney-client relationship.
Burton A. Padove's answer If you can afford it, refinance and buy him out. If not, then you need to sell and pay off the mortgage. Another possibility is to rent the property for the amount of the mortgage, etc., or take in someone to share the expense. If you dont want to have renters, and he will not agree, you can sue for partition and hopefully obtain enough to pay off the loan. I do not think that suing him will be beneficial as he could just stop paying again in the future.
Burton A. Padove's answer If the fence is entirely on your property, you can have a lawyer sned a cease and desist letter. I would only do so, if the materials, etc. are damaging your fence or are actually on your property.
Burton A. Padove's answer Your question requires an extremely long and complicated answer and is really not suited for this type of forum. I suggest that you consult with a real estate/tax attorney to determine what your options are. good luck.
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