Legal Question in Real Estate Law in Massachusetts
selling home to eliminate debt
My parents own income bearing property, which is also their place of residence. My mother has to go to a nursing home and my dad is unable to take care of the property. Does he lose his right to sell his income generating property, which he can no longer maintain, to eliminate debt? Can my father sell the property for less than market value but equal to the amount owed?
2 Answers from Attorneys
Re: selling home to eliminate debt
One would need to see how title is held. The
owners of property can sell the property for
whatever price they want. However, there are
tax consequences and closing costs one should
consider. I suggest you make an appointment
to consult with an attorney.
Re: selling home to eliminate debt
Who owns the property? Is it owned jointly by your parents, by only one of your parents or by a corporation with your parents as shareholders? The owner of the property can sell it whenever and for whatever price it wants. However, if the property is encumbered with a lease, the prospective buyer may be stuck with it, and that may be fine if the new owner is interested in continuing the landlord-tenant relationship with the tenant/lessee. Some leases allow landlord's to terminate the lease upon entering into a contract to sell the property. I would have to review the lease. If you have any other questions, please feel free to contact my office.
Peter A. Gonzalez
Coral Gables, Florida
305-445-0937
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