Many adults are placed in the challenging situation of needing to sell their parents' properties in order to pay for their care. It might be your old home or property your family bought years after you left to downsize. Regardless, if one of your parents develops a severe case of Alzheimer's disease or another kind of dementia, you or a sibling might inevitably need to sell the property to cover their long-term care costs. Whatever the cause, selling your parents' home might differ significantly from selling your own. There are a variety of emotions at play that might prevent you from making the best judgments regarding the property. With that in mind, here are 5 suggestions for selling your elderly parent's home to help you through the process. Having The Talk With Them To Determine Their Needs
Have a sincere conversation with them as a start. Determine their objectives and motivations for wanting to sell their house. Acknowledge their timing and have an honest conversation about any worries they might have. Let them know how much or how little you should be a part of the process. Talk about whether they want to stay in the house during the selling process or move somewhere else. To increase the worth of their property, consider whether they want to make some little investments. You should also be aware of their financial situation. Do they still owe money on the house? If so, how much do they owe and to whom? Being on the same page right away is beneficial. Start With Decluttering Cleaning the house and removing any furniture or other objects that are unnecessary or don't belong are the first steps in selling a house. It's usually a good idea to declutter a property since it makes it appear larger and provides potential buyers with a better sense of whether it's the right place for them. Alternatively, you can contact a nearby donation center or thrift store to accept all unsold things once family members have decided which ones they would wish to keep. Utilizing Power Of Attorney Making sure you have the legal authority to sell a property that is not your own is the first stage in the process. You must get a power of attorney (POA) if your elderly parent is still alive but unable to do the tasks required to sell the house on their own. However, a title company can be quite picky about whose legal power of attorney they accept. Create a letter of competency to go with the POA forms to avoid any problems. This will establish that the elderly parent was able to sign the POA forms while still being mentally competent. You can move on with the home sale procedure once you have successfully received the POA. Get A Hold Of Their Bank Or Mortgage Company In order to help sellers with this, the attorney will provide them with a list of questions to ask. To begin with, they should be told to look for the most recent bank or mortgage statement in order to locate the loan's account number and balance. The lawyer can go to the bank or mortgage lender with the seller and assist in getting the required documentation organized (loan documents, title reports, registered deeds, etc.), then ensure that the paperwork matches the seller. Check to see if there are any additional loans or liens on the property while the seller gathers information. The Bottom Line The conclusion is that, even if they and their parents have followed all the proper procedures, they will certainly encounter some difficult legal challenges when it comes time to think about selling an aging parent's home. Don't take the journey alone since it can be difficult. Consult a trustworthy elder law attorney who is knowledgeable about the legal challenges that families living with Alzheimer's and dementia must overcome. Even if the process could still be difficult and expensive, having the right direction from the beginning can help prevent unneeded problems in the future.
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AuthorJOHN ROBINSON Archives
February 2023
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