can i sell my mothers house with power of attorney

by Dillon Botsford Published 2 years ago Updated 1 year ago

A power of attorney is a legal document a parent can use to let her children make decisions for her. If your mother grants you power of attorney to sell her home, you can only do so while she remains alive.Sep 26, 2017

Can a power of attorney sell a house for an ailing parent?

On the other hand, you may have a general power of attorney for an ailing parent who ultimately needs to go into an assisted care facility. With the POA, you will be able to sell the home for them. As the agent in a power of attorney document, you have a fiduciary responsibility to do what's in the best interest of the principal.

Can a PoA be used to sell a house?

A general power of attorney allows you to do anything the principal can do. That includes handling all finances and transactions, including a home sale. Depending on the situation, some banks may be uncomfortable with a large transaction like a home sale done with a general POA and may ask you to have a specific POA for real estate created.

How much does it cost to sell a house with power of attorney?

When you work with a Clever Partner Agent, a seller only pays a low flat-rate commission of $3,000 or 1% if the home sells over $350,000. This helps you keep costs low and maximize the profit for the principal. Having to sell a home with a power of attorney can be nerve-wracking, but it can be done.

Should I Sell my Mother’s house?

We find out what Daughter wants to do with the house and what Mother’s financial needs are. Often, we are told that selling Mother’s home is necessary because she no longer lives there and needs money to pay for her increased medical expenses such as 24 hour at-home care, adult day services programs, or assisted living care.

Can I sell my mother's house with power of attorney UK?

Answer: Those appointed under a Lasting Power of Attorney (LPA) can sell property on behalf the person who appointed them, provided there are no restrictions set out in the LPA. You can sell your mother's house as you and your sister were both appointed to act jointly and severally.

What can you do as a durable power of attorney in Texas?

Texas's statutory form of durable power of attorney is found in Section 752.051 of the Texas Estates Code. It is a financial durable power of attorney - this means that it only allows the agent to handle financial matters. It does not permit the agent to make decisions about the principal's health care.

Is it better to sell a house before or after death?

Generally, if property is passed by will at a person's death, the heir receives a step up in basis for capital gains tax purposes, thus likely decreasing the capital gains taxes that would be owed if the property is sold. If property is transferred prior to death, the heir will not receive this step up in basis.

Can a power of attorney sell property in BC?

A power of attorney gives your attorney the authority to take care of only your financial and legal affairs. This could include paying bills, doing banking, or selling real estate on your behalf. It does not allow him or her to make decisions about your personal or health care.

Can power of attorney sell property?

You can give him general power in relation to all your property and affairs so that he will be able to deal with your money or property and sell your house. Alternatively you can restrict the powers given e.g. you can specify that your house is not to be sold.

How long does a power of attorney last?

In short, a power of attorney lapses as soon as the principal loses the capacity to act.

Do I need probate to sell my mother's house?

If the deceased owned a property in their sole name Probate will generally be needed before it can be sold or transferred. If Probate is needed, the property can be put on the market and an offer can be accepted before the Grant of Probate has been obtained, but the sale won't be able to complete without the Grant.

Can I inherit my parents house while they are alive?

A living trust is a document designed to streamline the management and inheritance of all of your parents' assets — including the house. The document names your parents as the trustees (allowing them to manage all assets while they are still living), and you as the beneficiary.

Do I have to pay Capital Gains Tax on my parents house?

You don't have to pay Capital Gains Tax when you inherit or are gifted a property, but you are right that this tax is triggered when you come to dispose of the property.

Can a power of attorney transfer property to themselves?

Yes, a power of attorney can certainly legally inherit assets from the person they have the power over.

How long is a power of attorney valid in BC?

Under Part 6 of the Land Title Act, it is valid for only three years from the date of signing, unless it says otherwise, or unless it is an enduring power of attorney.

Can a family member override a power of attorney?

If the agent is acting improperly, family members can file a petition in court challenging the agent. If the court finds the agent is not acting in the principal's best interest, the court can revoke the power of attorney and appoint a guardian.

What can a POA do and not do?

The POA cannot change or invalidate your Will or any other Estate Planning documents. The POA cannot change or violate the terms of the nominating documents -- otherwise they can be held legally responsible for fraud or negligence. The POA cannot act outside of the Principal's best interest.

What type of power of attorney covers everything?

With a general power of attorney, you authorize your agent to act for you in all situations allowed by local law. This includes legal, financial, health, and business matters. General POAs can be durable or non-durable, depending on your preferences.

Does a durable power of attorney have to be recorded in Texas?

Yes. This is a special power of attorney that only allows your agent to sign a deed for the property. This kind of power of attorney must include a legal description of the property that you want to sell. You must record the power of attorney in the deed records of the county where the property is located.

What does Durable power of attorney mean?

A durable power of attorney refers to a power of attorney which typically remains in effect until the death of the principal or until the document is revoked.

What is POA in law?

Power of attorney (POA) rules vary depending on the state. There are several types. A POA can be limited or general. It can also be durable or non-durable.

What is a general power of attorney?

What can a realtor do for you?

A professional realtor can help you understand what repairs need to be made and what changes won't really matter to buyers. Don't assume you have to pay an arm and a leg to get full-service real estate help, either.

What does it mean when you work with a real estate agent?

When you work with a real estate agent to find the right buyer at the right price, you'll be fulfilling your financial responsibilities to the principal and you'll have peace of mind that everything is being handled well.

How much commission does a clever partner agent get?

Can you sell a house with a POA?

With the POA, you will be able to sell the home for them. As the agent in a power of attorney document, you have a fiduciary responsibility to do what's in the best interest of the principal. For instance, you cannot use a POA to sell a home to yourself for far less than market value if that's not in the best interest of the seller.

Can you handle real estate transactions for the principal?

If possible, get specific wording in the POA mentioning that you can handle real estate transactions for the principal. Either way, you'll want to work with the right professionals to make sure everything goes smoothly. First, you'll want to choose a qualified real estate agent. They can help you find a buyer who will pay the right price for ...

What to do if your brother dies and you don't pay rent?

But as to the occupant of the not paying rent, you need to engage a lawyer to file with the court an unlawful detainer action to boot your brother out of the house; you have a duty under the power to protect your mother's assets. When she dies, you will have to go through probate. Report Abuse. Report Abuse.

Can you sell a house after death?

In general, it would be preferable to sell after death to receive the stepped up basis. You do not have to sell the home to evict the brother, however.

Can you sell a house with a power of attorney?

With a properly worded power of attorney, you could sell the home but why not have her sign the final papers, if she clearly is mental competent, to avoid problems.

Do nursing home expenses have to be paid with the sale proceeds?

However, if the home is sold, the proceeds belong to her, and the money does not constitute an exempt asset for purposes of eligibility so the entire nursing home expense must get paid with the sale proceeds until those funds are exhausted before Medicare will again pick up the cost.

Can you sell a property with a P/A?

Yes, you can sell using the P/A, assuming it is in good order. If you sell now, you may have to pay a capital gain tax if the property is worth a lot more than she paid. If you inherit the property, however, you get a stepped-up basis so that when you sell there is little or no gain. Report Abuse. Report Abuse.

Can I sell my house if I have a gain of more than $250,000?

Yes, you can sell the house. If her gain would be less than $250,000, she won't have any income tax to pay on the gain. If it would be more than that, she will need to report the gain and may owe some tax. I could help you determine which will be best. Report Abuse. Report Abuse.

Can you sell a house while your wife is alive?

Those factors suggest it may not be wise to sell while she is alive.

Recent Questions

How to deal with selling your childhood house when wife is against it?

2 attorney answers

If the POA allows for the sale of real estate, then if you sister is the exclusive power holder and mom signed this document, the real estate can be sold by her. However, the proceeds can only be used for mom's benefit and your sister does not just get to keep them. She needs to account for them and they are not her monies.

Steven J. Fromm

Do you have to sell your home to qualify for medicaid?

However, you do not need to sell the home to have her qualify for Medicaid. In fact she can keep the home, however, they do not allow her to keep her income as it has to be paid to the nursing home less a $60 personal need allowance and a deduction for her health insurance.

Can you substitute judgment for principal?

Having a power of attorney does not grant you the right to substitute your judgment for the principal unless she is now incompetent. You should discuss your plans with an attorney familiar with medical regulations as the house is an exempt asset, the sale of which cannot be forced. Report Abuse. Report Abuse.

Can you sell your mom's house?

Strictly speaking you can do only what the POA says you can do. It probably says you can sell real property. Tred very carefully on this, though if you sell her house it means Mom is never going home. That will be traumatic for her to accept. You are probably right, it will probably be necessary, unavoidable. But do your best to get Mom to understand that, and reassure her concerning her personal property in the home, that you will take care of it.

Can you address a power of attorney in Nevada?

You do not address the type of power of attorney, durable, general, etc. Also, you do not address if she has been adjudicated incompetent. In Nevada, I would urge you to speak with an attorney to determine if the property should be sold now, or simply allow a Medicaid lien to attach.

Can you sell a home with a POA?

Under a POA you may have the ability to sell the home but it may not be the wisest thing. You can own a home many times and still qualify for Medicaid. The state may then have a claim on the estate. I recommend seeing an attorney who specialties in Medicaid.

Can you act against a woman's wishes?

No, you cannot act contrary to her wishes if she is competent unless a Court has appointed you as her Conservator. It also seems from your question that you need the advice of an attorney who specializes in Medicaid matters. Get this advice before you proceed further.

Can you sell your house if your mother is still able to convey her wishes?

If your mother is still able to convey her wishes, you cannot sell the house. Qualification for Medicaid will be an issue whether you sell the house or not.