Buying Conservatorship Property
Mike Millea and his experienced team strive to bring an efficient and streamlined process for clients living in the South Bay, Torrance, and surrounding areas. We provide our clients with expertise in buying and selling investment property, as well as 1031 exchange consulting. Depending on the type of property you’re trying to purchase and the restrictions presented, purchasing real estate is a complicated process. Property held in a conservatorship is an example of this unique situation, but can also present an excellent investment opportunity. Learn more about the conservatorship purchase process below, which closely mirrors the probate process.
What Is a Conservatorship?
Before diving into the details of acquiring conservatorship property, it’s important to understand exactly what it means. A conservatorship is an arrangement where a court appoints an individual, called a conservator, to manage the financial and personal affairs of someone else, the conservatee. Once appointed, the conservatee usually has fairly limited powers over their financial and personal care decisions, and the arrangement is usually made only when other solutions like durable power of attorney won’t work.
Buying Real Property in a Conservatorship
If real property (real estate) is held by a conservator in a conservatorship, it presents a few legal hurdles necessary to purchase it, but it’s fairly similar to buying probate property. For one, the court must authorize the conservator to make major transactions, like the sale of real property. Additionally, real property sold out of a conservatorship is always sold as-is and without contingencies. This means you’ll have to be especially careful about inspecting the property before making an offer, and you should always hire a professional inspector to ensure the property meets your standards. When you get a loan for the property, you should also get both the loan and the property prequalified. This means you’ll have to make sure the lender is comfortable making both the loan and with making the loan on this specific property.
Contact Your Conservatorship Experts Today!
Buying property in a conservatorship is entirely possible, but it presents a unique set of legal and technical challenges – so it’s always best to work with an experienced professional Mike Millea has been helping clients navigate the ins and outs of conservatorship and probate, trust and conservatorship real estate dealings for years, and he’ll use his expert knowledge to ensure you get the best deal possible. If you’d like to find out more about the probate real estate process or work with our offices for your next purchase, we encourage you to call us at (310) 939-9356 or reach out to us at our contact page. We’re proud to serve the South Bay, Torrance, Redondo Beach, and the greater Los Angeles area. We look forward to hearing from you soon!