Helping Elderly Parents Deal With Home
REM # F734
By Ilyce R. Glink
Summary: A ThinkGlink reader has helped her aging parents move to a condo nearby. She now has to deal with issues of insuring and selling their old property. Ilyce provides some guidance for proceeding with the sale of property.
Q: My question concerns my aging mother (she’s 82 years old) and father
(he’s 88) whom we have moved to Roswell, GA from Florida. We bought them
a condominium that we pay for each month.
They own a mobile home in Florida that we have leased to tenants for January through March, but have also listed for sale. Since the mobile home is rented, no insurance company will write a landlord or homeowner's policy for the property.
Whom should we consult to sort out the best actions to take on both situations
as far as taxes, ownership transfers, insurance, and other issues? Do we want
to talk to a real estate attorney, tax attorney, CPA or insurance agent?
A: You'll want to work with a real estate attorney to make sure that the ownership
of the mobile home transfers correctly upon its sale. You should find an insurance
company that may allow you to add a rider to your existing homeowner’s
policy to cover the mobile home should anything happen to it before it sells
or to see if they offer any other options to insure the mobile home.
But you're wise to get this asset sold now. Since your parents don't live there
and you aren't particularly close by, there could be problems – and it’s
tough to manage rental property when you live out of state.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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