Legal Question in Real Estate Law in Georgia
i want to sell my Remainder Man Real Estate Deed.. How do I go about finding a
I would like to sell my Remainder Man Real Eatate Deed at a discount for cash or give a charitable gift with income back.
I do not know how to go about finding a buyer and a person to handle the details.
I contacted an Attorney and a Real Estate person and each said to contact the other one.
The property is free and clear and the life tenant is over age 86. The property selling in the neighborhood by the same builder is around $150,000.00
I am willing to pay a reasonable commission as a real estate selling fee or a buyer finder fee of maybe about
10 per cent including handling fees of the net selling price.
If you can point me in the right direction please reply.
Thanks
2 Answers from Attorneys
Re: i want to sell my Remainder Man Real Estate Deed.. How do I go about findin
Unfortunately, as someone who holds a remainder interest you own property that is not understood by many lay people. Since it is not understood, and the value is not crystal clear, you may have a hard time selling the interest. The remainder interest is not as valuable as the other property because no one knows how long the life tenant may live. If the life tenant lives another 10 years, then the present value of $150,000 probably escalates to more than $200,000--and who will finance this? You may have to finance it yourself unless you find a cash buyer. And no one likes to have cash that is not working for them. These are the kind of questions you have to deal with, and there are more where these came from. Talk to as many real estate agents as you can and find one that deals with a lot of investors. An investor is one that would be most likely to make you an offer.
Re: i want to sell my Remainder Man Real Estate Deed.. How do I go about findin
The fact that you have a remainder interest complicates things, but I would suggest you contact Michelle Davis. She is a real estate agent in Atlanta with Keller Williams Realty. Her contact info is:
Michelle Davis
Keller Williams Realty Intown Atlanta
621 North Avenue, N.E.
Suite C-50
Atlanta, GA 30308
(404) 564-3512
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Glenn M. Lyon, Esq
MacGregor Lyon, LLC
Promenade II
1230 Peachtree Street NE
Suite 1900
Atlanta Georgia 30309
Phone 404.942.3545
Fax 404.795.0993
www.macgregorlyon.com
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