Conservatorship Real Estate FAQs
Posted by Techyscouts | Posted on 11/15/2019
California Probate Real Estate Agent
At the offices of Mike Millea, our mission is to help our clients secure the best possible deal even in the most complicated real estate transactions. With more than 30 years of experience in the Southern California real estate market, Mike is among the most skillful and experienced real estate brokers in the region, regularly helping clients navigate the complexities of probate, trust, and conservatorship real estate. We strive to be a resource for every part of the process for buying and selling real estate, and if you have questions about conservatorship properties, this FAQ page can help.
Common Questions About Conservatorship Real Estate
What is conservatorship real estate property?
A conservatorship refers to a legal arrangement used when the owner of an asset is unfit to care for themselves or handle the financial aspects of the asset. In this case, a judge appoints a conservator, who acts as a legal representative and manages the financial affairs of the conservatee. If the conservatee passes away, the conservator then becomes the executor of the deceased’s estate, settling the estate in accordance with the terms of the will or trust.
Can you buy conservatorship real estate?
Yes, it’s entirely possible to purchase conservatorship real estate – it’s just more complicated. That’s because in a conservatorship, the conservator must obtain approval from the court before making any major financial decisions such as selling real property.
What’s the difference between buying conservatorship real estate and buying normal properties?
Purchasing conservatorship real estate simply presents more legal hurdles. The conservator will need to get court approval in order to sell the property, there are several steps involved in the approval process, and conservatorship properties are normally sold as-is and without contingencies, which makes due diligence extra important. If you take out a loan to buy a conservatorship property, we recommend getting the loan pre-qualified, which means the lender is comfortable with you using the loan to buy the specific property in question.
How do I sell conservatorship real estate?
Selling conservatorship property is entirely doable. It’s also often necessary: because many people protected by a conservatorship will go to expensive nursing homes or require expensive care, conservators often find themselves needing to sell the home, which may be the conservatee’s most valuable asset. The process simply involves more legal hurdles. You’ll need court approval to sell the property, and this involves a lengthy sequence of steps, many of which include a mountain of complex paperwork and usually involve approval by the conservatee’s family.
Contact Your Los Angeles Conservatorship Real Estate Agent
Buying and selling conservatorship property is more complicated than normal real estate transactions, but it can also be very rewarding. Conservators may need to sell a property to get the liquidity needed for expensive elder care, which means they’re often willing to work with buyers to get to a deal. But whether you’re buying or selling for whatever reason, it’s critical to have an experienced real estate attorney to take you through all the steps and navigate the complex details of the legal process – and that’s where Mike Millea can help. Ready to take the first step? Reach out to us today!