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Weird deal as my in-laws sell the MIL's house
2016 Oct 31, 8:22am 13,067 views 34 comments
by CL follow (1)
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CL
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2016 Nov 1, 9:00am
Any housing pros still around? No worries if nobody knows, but obviously you're the first people I thought of to point me in the right direction.
Thanks!
CL
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2016 Nov 1, 10:02am
Confusing post.
Not sure where it confuses, but basically FIL died, siblings had duties per the FIL's will. Paranoid BIL has bumped the CPA sister and now has both medical and financial duties. As he goes to sell the house, there is doc at the County Recorder's office saying that the now-violated sister is to be paid 62K plus interest from the house (which I believe would come out to over 200K, the entire proceeds from the sale).
Isn't that a weird thing, or is anyone familiar with that kind of doc or structure? HTH!
FNWGMOBDVZXDNW
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2016 Nov 1, 10:07am
My reading of the post:
POA = power of attorney.
MIL first gave POA to daughter 1.
The MIL is still in full capacity, and she signed the new POA docs giving POA to son 1.
In 1999, MIL borrowed $62,500 from daughter 1 at 7% interest.
Questions:
Did daughter 1 transfer $62,500 to MIL in 1999, or was it just on paper.
Has MIL been paying monthly to daughter 1?
Is FIL still alive? Sounds like no.
Is $200K a fair price for the house?
Comments 1 - 4 of 34 Next » Last » Search these comments
The MIL has now moved into a facility, which is a desirable outcome overall. As is common and predictable, there were some disagreements and acrimony related to the POAs and what they mean, and whether the daughter entrusted with financial type duties was performing them as well as she could have, charges mostly leveled by a lone sibling who seems to have paranoia issues in general.
So, he made a move wherein he had a lawyer draft a new POA, which of course, superseded the CPA daughter from the POA, and left him as both the medical and the financial
attorney-in-fact. (I know these only are in play if the MIL were incapacitated, yet the momentum and the MIL's acquiescence has made it de facto responsibilities)
Since the brother lives somewhat close, the MIL has settled into her old folks' home and the rest of the siblings are scattered throughout the country, the brother who has seized control is now anxious to sell the house so as to avoid maintenance and needless visits. He arranged a sale with a friend for around 200k, and all seemed ready to go. However, he discovered that the Recorder's office had some weird docs on file that said that his sister (the one he has been aggressive towards) was specified as the mortgagee, with a dollar amount specified at $62,500 with 7% interest per annum. The docs have been on file since 1999.
Any idea what my father-in-law could have been thinking? I talked to the SIL, and she gave me some vague story but I still don't see what benefit my FIL might have received by having these drawn up.
Thanks in advance for your insights!