Owning property in Los Angeles is smart. The property values consistently remain high, which is why the buy-in value is a hard pill to swallow. However, values continue to rise such that whatever you paid ten or twenty years ago is now a drop in the bucket. If you are faced with a conservatorship, real estate brokers in Los Angeles want to offer you a few options.

Rights to Conservatorship in L.A.

In most cases where people are awarded a conservatorship of real estate property in Los Angeles, they have full control of the property. They can remodel it, transform it, rent it out, and in some cases, even sell it. However, if your “charge” still resides in the multifamily property that technically belongs to him or her, the rules are a little different.

South Bay Owner Occupied Property and Conservatorship

Here’s an example of what can and can’t be done with a property when the owner still dwells and resides onsite. Even though the property is a multifamily unit and there really shouldn’t be a problem with managing it, anything you want to do with it beyond managing it requires a few extra legal hoops. In a South Bay owner-occupied property, the mortgage payments on said property must continue. As the conservator, you will have to continue making those payments unless there is a financial guardian also assigned to the conservator.

Attempting to Sell Multifamily Property in a Legally Allowed Way

A conservatorship real estate broker in Los Angeles knows how you can sell a multifamily property that belongs to your conservatee. Usually, the conservatee has to be moved out of the building and property entirely. If your conservatee is mentally and/or cognitively unable to transfer anything of value, you may be able to seek permission through the courts to sell. If you are successful at this endeavor, a real estate broker in L.A. can help you going forward.

If your conservatee doesn’t live on the property and can grant permission to sell, then you can move ahead with the sale. The real estate broker can immediately begin finding buyers for the property. It will likely sell within a month, give or take a few weeks since a multifamily dwelling has a lot of potentials to earn owners a lot of money.

Contact Michael Millea, a real estate lawyer, to see how you as a conservator can sell property belonging to your conservatee.