What happens to money from sale of property?
A relative is in hospital and hasn’t got long to live. In his will he has left his flat to two people (equal shares). He has shown interest in selling his flat before he dies. What happens to the money from the sale of the flat, if it is sold before he dies. There is no mortgage on the flat and is fully paid up.
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September 5th, 2010 at 4:20 am
If he sells it before he dies, then the money would go to:
1) Him – he can then put the cash wherever he wants it to go (reinvest elsewhere or just sit in an account).
2) % to Real Estate Agent brokering the sale
3) % to Real Estate Agent brokering the purchase
September 5th, 2010 at 4:25 am
How can he sell his flat before he dies if he’s in hospital and hasn’t long to live? Some funny business going on here and I hope you’re not involved. If he has willed his flat to two people but then sells it before he dies, the two people can go to the Courts to claim what is rightfully theirs (the money the flat was sold for).
September 5th, 2010 at 4:45 am
He must be mentally and physically fit to sale the home. If he passes away prior to the close of escrow it will fall out of escrow and if he has no trust it will go to probate.
And the state in which he lives in will take control of the money and the home and no one will see a dime for about 18 months or more.