[WSBARP] Property Conveyance 'hypothetical'

[Eric Nelsen]

Some other thoughts, possibly unhelpful:

1. If buyer will go for it, sell B's interest under warranty and then just issue a quitclaim with after-acquired title as to A's interest. If buyer pays taxes for 7 years with color of title, adverse possession is accomplished.

2. Start a probate of A, appoint B as administrator, sell to the buyer, deal with the rest of probate matters after taking a hefty PR fee for having to deal with it. Maybe the 5 heirs get a little, but so what--they can't get more blood from a low-price turnip.

3A. Long route, for B to acquire title to the whole: B pays property expenses, sues all 5 heirs for reimbursement under TIC common law rights, B gets default judgments against 'em all, then forecloses the judgments and buys the property at sale. Then sell the whole property to the buyer.

3B. Alternatively--sell the property to buyer under #1 and explain #3A to the buyer--then buyer can do the same thing to take title from A's heir earlier than 7 years.

Sincerely,

Eric

Eric C. Nelsen
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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Richard Holland
Sent: Thursday, March 09, 2017 11:42 AM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] Property Conveyance 'hypothetical'

I cannot think of a different solution but am curious if others have any ideas:

A & B own property as TIC - not JT.  Only A lived in property.

A dies without a will.  B is 'stuck' with property (it's a nasty unkempt shack) and wants to sell/dump to neighbor who wants to demolish.  A's heirs are spread out all over and expressed verbally no interest in property to B after clearing the house of all of A's personal possessions.

There are 5 heirs spread out all over who are unaware they technically own any part of shack and but are quite likely to suddenly smell $ despite a very low value.

I can think of no approach other than 5 separate QCDs from heir to B or else they need to contribute to taxes and the healthy impending list of code violations.

Am I missing something?

Sincerely,

Richard L. Holland

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