Legal Question in Real Estate Law in Arizona
I have been named as beneficiary deed holder with tenancy in common with my 2 sisters when our mother died. We agreed my mother wanted my sister Pat to be in charge of the estate. She says my mother who as stated on her death certificate, died of an accidental death, still owed 120000.00 lien on the property, the same amount she said it was appraised for. My mother supposedly had a reverse mortgage, I have not been able to find any proof of either of these. I did a quick assessment it came out 74000.00. That is what they originally paid in 1994.Through Hud wouldn't the reverse mortgage most likely have been insured especially with an accidental death? My sister wants to pay for the property with an amount she was able to have been ok'd to buy it for at the amount of 114000.00 so she wants to give me and my other sister 2000.00 for our share of the amount of difference, and wants both of us to sign a quit claim deed and then she says she will give us approximately each another 8000.00 to 10000.00 more later. I believe there is mineral rights to the property; How would I prove if there is mineral rights on the land, and if my parents had some land trusts investments?
1 Answer from Attorneys
I would need to review the reverse mortgage documents to find out for certain how it should be handled in light of your mother's untimely death. And I would highly recommend you have someone review all relevant documents related to the property prior to agreeing to any sort of buy out with your siblings. Whether the property has mineral rights can usually be determined through a title review. I have experience in this area and would be happy to help.
Whether you mother had any land trust investments could be discovered through a careful review of her financial paperwork and/or a title search.
In the meantime, be sure to maintain the property and any obligations related to it while you sort this out so that you don't risk a loss of the property due to unpaid taxes, etc.
Please let me know if I can be of any assistance.
Riley S. Snow
Attorney
(480) 477-6311
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
