My father obtained a house in the southwest suburbs of Chicago via living will. He never transferred the house into his name. My father is now ill and is awaiting a liver transplant on the west coast. My family can no longer afford to keep up with the mortgage and my father wishes to sell the house. He signed over a power of attorney for the estate as well as his finances to me. How do I begin the process of transferring the title of the house into his name. Mind you, I live in the southwest suburbs of Chicago and he lives in Nevada.
1 Answer from Attorneys
Not that this part is important, but a living will has to do with authority to discontinue life-support. It does not have anything to do with property, inheritance, etc. So, your father did not obtain the property through a living will. Most likely, you simply mean he acquired it through a will. He inherited from someone who included him in their will.
Depending on how long it has been, this may not be that difficult to work through with an attorney (having experience in both real estate and probate) and a title insurance company. The first scenario would be to list the property for sale and ask the title company to insure a prospective purchaser regardless that it was not fully completed before. With a power of attorney and the inheritance issues, I do not see you handling this without an attorney to steer the way through the process. If there are facts that would preclude this, then you may have to have an attorney work through probate issues.
There is significant background that you did not cover and cannot be covered here. At minimum, a telephone conversation would be needed.
The question then is whether the property is worth it. You mentioned a mortgage and real estate values have declined, so is there any equity?
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