Buying Conservatorship Real Estate
Los Angeles Conservatorship Real Estate Agent
At the law offices of Mike Millea, our mission is to make the process of buying residential, commercial, and investment real estate as easy and profitable as possible – even when it comes to complicated real estate transactions like conservatorship properties. As an experienced LA real estate agent, we’ve helped clients facilitate real estate deals for properties both big and small, and our LA real estate agent has the experience to manage even the most complex real estate transactions. If you’re considering buying conservatorship real estate, read on to learn more about the process.
What Is Conservatorship Real Estate?
Put simply, conservatorship real estate is any piece of real estate property that’s held in a conservatorship. A conservatorship is a legal arrangement where a court appoints an individual – called a conservator – to manage personal affairs, finances, or property for someone unable to care for their own financial affairs – called the conservatee. So while the conservatee technically owns the property, the conservator has the right (with court approval) to sell the property. Conservatorships are generally used when other legal arrangements, such as durable power of attorney, won’t work for some reason.
How to Buy Conservatorship Real Estate
Because of the more complex ownership and legal powers arrangement in a conservatorship, buying real property held in a conservatorship presents a few extra legal hurdles compared normal property. In many ways, the process of buying conservatorship property is similar to buying probate real estate.
First of all, the conservator needs court approval to make any major transactions over conservatorship property, and that includes the sale of real estate. Conservatorship real estate is usually sold as-is and without contingencies, which is important to note as a buyer. You’ll need to be extra careful in doing your due diligence and should always hire a professional inspector to ensure the property meets your standards and preferences before buying. As a final note, you should have both the property and any loan you take out to purchase the property prequalified, which means ensuring the lender is comfortable making the loan on the specific property you intend to buy.
Contact Your South Bay & Torrance Conservatorship Real Estate Agent Today
Buying real property in a conservatorship is more complex than normal real estate transactions, but it’s entirely doable and can present a profitable option for real estate investors. That said, you should always enter the process with an experienced conservatorship real estate agent – and with years of experience facilitating conservatorship real estate transactions in the greater Los Angeles and South Bay areas, Mike Millea can help. Call us today at (310) 939-9356 or reach out to us at our contact page to learn how we can help you.