So, you want to sell this home?
So, you want to sell this home? One of the keys to the exchange of real properties is how the deed is conveyed by the seller to the buyer. While the following examples deal with specific circumstances, understanding the broader principle of real property transfer will be beneficial to anyone.
Selling your Parents’ Home?
Taking care of an elderly parent often includes the sale of their home. Sometimes, that sale takes place after the parents have passed away. In both scenarios title and deed issues take center stage.
If the parent or parents are still alive and hold title to the property, the home can only be sold by a child or other relative who has power of attorney to do so. In the case of a living parent, there are two powers of attorney that make this possible:
- Specific Power of Attorney (for the property in question)
- Durable Power of Attorney (but it must include language regarding sale of real property)
To be valid, both of these Powers of Attorney must be recorded with the respective county.
In both cases, the listing agreement will show the name of the living parent(s) name(s) as the owner(s) and the signature of the authorized individual followed by “A.I.F.” which means “Attorney In Fact.” All offers and addenda follow this model of identifying the seller as the person who holds title to the property and the signatures/initials of the person acting as the A.I.F.
To have legal standing, getting a legal description from the title company is essential for all listings and transactions. In these scenarios, it is doubly so.[Read more…] about Wait, you can’t sell this home! It may not be yours.