This is just another way we are going above & beyond to help our buyers sellers throughout the home buying process.
Will the Real Seller,
Please Stand Up?
We
recently had an issue involving the identity of the seller of a property. The
listing agent had the Personal Representative of the Estate of the deceased
owner of the property sign the listing agreement and put the house on the
market. The tax records reflected the deceased owner's name so all of this made
sense. The Personal Representative of the Estate signed an offer from a buyer
and the contract was ratified, right? All of you know it would be too easy to
say yes.
After
researching the title we discovered the property was not held by the owner
individually which upon his death would have passed to his Estate. The Personal
Representative named by the Court would have the legal authority to sell the
property as was thought above. Title to the property was in fact held in a
Trust. In order to determine who had the legal authority to sell the property we
had to review the Trust Agreement. After reviewing the Trust Agreement, we were
able to determine that the Trustees were no longer living and their successor
trustee was also no longer living. There was no one who had the legal authority
to sell the property. How do you solve this problem?
We
went to court and filed a consent order to have the Personal Representative of
the Estate approved to serve in the legal capacity as Trustee of the Trust to
sell the property. The consent order was granted by the judge and we went to
settlement, right? Wrong! The Beneficiary of the Trust was a Non-profit
Organization, so it made more financial sense from a tax perspective to have the
Beneficiary of the Trust sell the property to the Buyer than it did the Trust.
In order to accomplish this goal we had the parties acknowledge the seller of
the property was in fact the Trust not the Estate and that the Court Appointed
Trustee would assign the contract to the Beneficiary of the Trust and the
Non-Profit Beneficiary accepted the assignment of the contract. We then had the
person authorized to sell the property on behalf of the Non-Profit Organization
convey the property to the Buyer.
What
is the lesson learned? Sometimes the best made plans still have a wrench thrown
into them. It is very important to remember when dealing with an entity (Limited
Liability Companies, Partnerships, Estates, Trusts, etc.) that you have all of
the documents provided and reviewed as soon as possible. The attorneys at KVS
are here to review them for you at no additional cost to your client.
Guaranteed Buyer Program!!
If you buy a home through our team. We are guaranteed you will LOVE IT! but if for some reason you do not like the place, for whatever reason, we will see the home for you and not charge you our commission.
Our goal is to make sure you are happy with one of the biggest financial decision you will make. Hopefully, this will help you feel a little bit more comfortable about your big decision.
- Nate Johnson
Lead Buyers Agent
703-725-2929
Penderbrook Townhomes and Condos Weekly Home Real Estate Sales Report for 09/12/2012
MyPenderbrookHome.com
Relevant Real Estate Information for the Penderbrook Community of Townhomes and Condos in Fairfax, VA
To find out the value of your home CLICK HERE
Upside Down? Find out when your home will be an asset again CLICK HERE
As of today (September 12, 2012) there are 12 active homes in Penderbrook and 19 homes that are under contract and 8 homes have sold in the last 30 days.
Here's the breakdown of all active listings in MLS:
Townhomes- 9 active
Condos - 3 active
1 bedroom condos - 1
2 bedroom condos - 2
3 bedroom condos - 0
NEW LISTINGS
According to MLS, there are(is) 6 new listing(s) this month!
UNDER CONTRACT
According to MLS, there are 15 Condos and 4 Townhomes under contract.
I will have the final numbers for these once they close
SOLD in last 30 days
According to MLS, 8 homes have sold in the last 30 days
Click below for Penderbrook Home Sales for 2009-2010
More Than 30 Days ago
Penderbrook Home Sales 2008 vs. 2009
Fairfax Condos Sold for 2007 vs. 2008 vs. 2009 vs. 2010
Fairfax Townhomes Sold for 2007 vs 2008 vs 2009
RENTALS
Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.
Relevant Real Estate Information for the Penderbrook Community of Townhomes and Condos in Fairfax, VA
To find out the value of your home CLICK HERE
Upside Down? Find out when your home will be an asset again CLICK HERE
As of today (September 12, 2012) there are 12 active homes in Penderbrook and 19 homes that are under contract and 8 homes have sold in the last 30 days.
Here's the breakdown of all active listings in MLS:
Townhomes- 9 active
Condos - 3 active
1 bedroom condos - 1
2 bedroom condos - 2
3 bedroom condos - 0
NEW LISTINGS
According to MLS, there are(is) 6 new listing(s) this month!
UNDER CONTRACT
According to MLS, there are 15 Condos and 4 Townhomes under contract.
I will have the final numbers for these once they close
SOLD in last 30 days
According to MLS, 8 homes have sold in the last 30 days
Click below for Penderbrook Home Sales for 2009-2010
More Than 30 Days ago
Penderbrook Home Sales 2008 vs. 2009
Fairfax Condos Sold for 2007 vs. 2008 vs. 2009 vs. 2010
Fairfax Townhomes Sold for 2007 vs 2008 vs 2009
RENTALS
There are currently 10 condo(s) and 2 townhome(s) and for rent.
9 condo(s) and 3 townhome(s) have been rented out in the past month.
If you need any help finding a rental or listing your condo for rent, please contact us.
We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We also partner with a Property Management group that only charges 8%. They manage over 200 properties in the VA and MD area and are excellent. Ask us about this.
9 condo(s) and 3 townhome(s) have been rented out in the past month.
If you need any help finding a rental or listing your condo for rent, please contact us.
We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We also partner with a Property Management group that only charges 8%. They manage over 200 properties in the VA and MD area and are excellent. Ask us about this.
OBSERVATIONS
If you are thinking about buying in the next 3 months you need to Contact us today!
Keep checking back each Tuesday for more insight to what is going on at Penderbrook.
Thanks for reading our Penderbrook Real Estate Blog!
Posted by: Nate Johnson - Penderbrook Real Estate Agent
The 12:45 Team is apart of Keller Williams Realty,
specializing in Northern Virginia Real Estate.
Posted by: Nate Johnson - Penderbrook Real Estate Agent
The 12:45 Team is apart of Keller Williams Realty,
specializing in Northern Virginia Real Estate.
Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.
