Trouble with Relatives by Edith Lank on Creators.com

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Title and Deed Dear Edith: My husband and I recently paid off our home mortgage. Only my name is on the deed. I would like both of our names to appear on the title to the house, so that in the event of my death, my husband would clearly have ownership of the …Read more. Making Lots on the Sale Dear Mrs. Lank: I've lived in my house for 32 years and want to sell this year. I am widowed and understand that I will have $250,000 that will not be taxed from the proceeds. Am I required to pay capital gains on a portion of the remaining monies? …Read more. Can't Kick Tenants Out Mrs. Lank: I am interested in buying a condo that is currently rented out. The seller says that the lease isn't up until for seven months and therefore I couldn't move in until then. If I bought this condo, would I be forced to become a landlord? Or …Read more. Did He Overpay? Dear Edith: I bought a house this summer, and in light of the National Association of Realtors' admission that they've been overstating home sales since 2007, I'm wondering if that faulty data may have made me overpay for my house. — L. Answer:…Read more.

Trouble with Relatives

Trouble with relatives. Trouble with non-relatives. Trouble with ex-relatives. Seems as if the mail has been full of it lately. I'm sure most family real estate matters work out just fine, but those aren't the ones I read:

WORRIES PRICE IS TOO LOW

Ms. Lank: A family house needs to be sold. It is being sold "as is."

Three real estate agents were contacted. Two said the property should be listed at $220,000 to $230,000, with an expected sales price closer to $200,000. The third suggested listing at $170,000. The family member with authority chose the third agent.

There doesn't seem to be much interest. Is it possible for a price to be too low? Because of the large size and favorable location, might buyers think with such a low price that there must be something terribly wrong with it? If so, how long should we wait (after the current agent's contract expires) to relist at a higher price? — e-mail

Answer: Sorry to step into a family disagreement, but trust me — if it won't sell at $170,000, relisting at $230,000 will just be a waste of time. Your "family member with authority" is on the right track.

The price is not too low, quite the contrary. If the property has been on the market for at least a few months, buyers simply don't think it's worth what's being asked. Other agents' estimates don't matter, and I'm afraid that what you hope to get doesn't count. Buyers determine value.

By the way, "as is" means the buyer agrees to accept any known problems. That doesn't relieve sellers of liability for any undisclosed defects they knew about.

GRANDDAUGHTER WON'T SIGN

Dear Mrs. Lank: Two years ago, my doctor recommended that I move somewhere warmer. I signed over my house to my two grandchildren and went to Florida. But it doesn't agree with me and I want to come back home. The boy readily agreed to sign back my house, but the girl wants $50,000. I don't have the money. Can you help me? — D.

Answer: All I can do is tell you to consult a lawyer. I fear, though, that you'll be told you can't take back a gift. Please do let me know what happens.

THINGS LOOKING UGLY

Ms.

Lank: I inherited half-interest in approximately 10 acres in another state from my father. I want to sell, but my cousins (a married couple) who own the other half do not. They also refuse to negotiate purchasing my half. They say I cannot sell my half without them. If I don't want to pay for upkeep and property taxes of the property indefinitely, they say I should give my half to them or another family member. Things are looking a bit ugly. What are my options? — e-mail

Answer: You have the right to sell your half, but it might be difficult to find a buyer who wants to be partners with your cousins. You also have the right to go to court and ask for "partition." With acreage involved, that might mean physical separation of your share from theirs, so you'd each own five acres. If that's not practical, the court will order a public auction of the property and division of the proceeds. It would involve legal expenses, and a cash auction doesn't usually yield full value.

LADY FRIEND DIED

Dear Ms. Lank: My lady friend and I were both widowed, and after awhile, we decided to sell our houses and build a new one, each as co-owner.

She recently passed away. Her children are anxious to sell the house and get their half, so I would have to find another place to live, which I am not in a hurry to do.

Can I delay this process? Can you tell me what rights I have as a half owner (or don't have)? — B.V.

Answer: Depending on how the deed was written when you and your lady bought the house, you may be a co-owner with her children now or you might even own the whole house yourself. If the deed said the place was owned by "B.V. and Lady Friend as joint tenants" or "as joint tenants with right of survivorship," then when she died, you automatically became sole owner.

If the deed didn't contain that wording, then you simply remain half-owner. The others have the legal right to force a sale, and the only delay would involve a court procedure. That's not a pleasant route to go. Perhaps, instead you could get a mortgage loan for half the value of the property and use the money to buy them out.

A single session with a lawyer should tell you where you stand. Take along all the your documents for an efficient interview.

Edith Lank will respond personally to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.