Interested in purchasing property (house and land) from a relative that is in a nursing home. Where do I start?
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Interested in purchasing property (house and land) from a relative that is in a nursing home. Where do I start?
My mother is the executor of the estate and does not know whom I need to contact. Any info on how to go about this would be appreciated as well as any info that I need to watch out for.Thanks
Asked on June 4, 2009 under Estate Planning, Idaho
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
If your mom has power of attorney and is in charge of the ederly person's assets since they are in a nursing home, your mom has the right to make the decision for the owner to sell the property to you. what you ned to know is that your mom have a fiduciary duty to the elderly person to make sure that the house is sold for a fair market value. if you mom sell the house to you for way under value, she could be in violation of her duty. I suggest getting an appraisal of the home and land and using that as a purchase price. this way the price is fair for all parties involved. I would have a lawyer representing you and a separate lawyer representing the elderly person (your mom can hire this person). that way there are no questions.
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