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Real Estate Deed Transfer Question

post #1 of 9
1/23/09 at 7:47pm
Thread Starter 
A friend of mine takes care of her mother who has Alzheimer's. A few years ago they bought a 3-flat in her mother's name. They lease two units and live in the third.

My friend needs to transfer the deed to her name, now, because her mother's condition is getting worse. Unfortunately, her mother can no longer agree to any contracts or sign her name.

What is the most affordable option for transferring the deed?

Thanks.
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post #2 of 9
1/23/09 at 8:45pm
Talk to a lawyer?
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post #3 of 9
1/23/09 at 9:01pm
I believe if the person lacks capacity to make a valid transfer or to create a durable power of attorney the only option left is to have a court proceeding to create a conservatorship. At least thats what we were taught in gratuitous transfers last semester. Lousy deal. Why didn't they establish some kind of power of attorney years ago if they knew the mother had alzheimer's?
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post #4 of 9
1/23/09 at 9:03pm
Needs to go to court. These things can get ugly if the person objects. I've seen families torn apart because a person refuses to relinquish control. It's one of the things that make Alzheimer's such a terrible disease.
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post #5 of 9
1/24/09 at 2:30am
Yes to all the above. Sorry, but this should've been addressed long ago. Simple power of attorney probably would've covered it.
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post #6 of 9
7/6/09 at 10:09am
A property deed is the legal document which transfers the property from your seller to you. You should review it carefully at settlement to make sure that your name (or names) are spelled correctly, and that the legal description is correct. If you are taking title with another person (a spouse or a friend) make sure that the status of title is the way you want it. If you are in doubt as to how title should be structured, discuss the matter with your legal advisor before you go to settlement. Have you been looking for help in matters related to property deed? A real estate attorney will give you all the information you require to deal with complicated issues such as how to prepare and administer property deed.
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post #7 of 9
7/6/09 at 11:38am
Quote:
Originally Posted by Dakota rube View Post
Yes to all the above.
Sorry, but this should've been addressed long ago. Simple power of attorney probably would've covered it.

Yup.
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post #8 of 9
7/6/09 at 7:23pm
At this point I don't see how your friend can obtain legal title to the property. If her mother is incapacitated, then any deed executed by her mother is void.

However, all is not lost. If your friend seeks to named guardian and is so named I cannot see a court authorizing the gratuitous transfer to your friend; it does not seem to be in her mother's best interest for the transfer to be made. However, if your friend is named guardian she can continue to run the building as she currently does. Hopefully her mother has a will and hopefully that will provides that the building goes to your friend on mother's death. If mother doesn't have a will, then hopefully your friend is her only intestate heir.
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post #9 of 9
7/6/09 at 10:29pm
Im not a lawyer but I have used powers of attorney. They are no panacea. I have had banks refuse to recognize them. It probably would have taken a lawyer and a lot of money to force them to accept what it took a lawyer and some money to get in the first place.

In california if you can get two doctors to declare her non compis mentis (sp) and write up a little note attesting to this, then I think the next of kin can start making all the financial decisions. Not sure how this could get the house transfered over but your friend better look into it now or otherwise the assets of her mother will be eaten up in long term care costs if and when she becomes just too much to handle in a non medical setting.

You have to denude her of as many of her assets now as you can or the system will suck her dry. Bailouts are for millionaires and billionaires, not for people struggling to take care of their ailing parents.
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