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Selling the property for $950,000 would result in an $850,000 gain, only $250,000 of which would be tax-exempt. Additionally, adding another person to the deed gives them a say in what happens to ...
An outstanding mortgage on the property usually means the beneficiary receives the financial burden along with the property. For example, if $50,000 is left on the mortgage of home, the ...
An enhanced life estate deed, often referred to as a “Lady Bird” deed, is a legal document utilized in some areas to streamline the transfer of property ownership. This deed simplifies the ...
A good title consists of the combination of these three (possession, right of possession, and right of property) in the same person(s). The extinguishing of ancient, forgotten, or unasserted claims, such as E's in the example above, was the original purpose of statutes of limitations. Otherwise, title to property would always be uncertain.
A bona fide purchaser (BFP) – referred to more completely as a bona fide purchaser for value without notice – is a term used predominantly in common law jurisdictions in the law of real property and personal property to refer to an innocent party who purchases property without notice of any other party's claim to the title of that property.
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the state where the deceased resided at the time of their death.
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