estate contains only joint bank accounts and a car . i do not believe that probate is necessary for bank acts but i am not sure about the car . car is not jointly owned . i am named executor in will and responsible to distribute estate after ta...
First, you have not provided enough information for this question to be answered with any credibility. What is your relationship to the deceased? What is the value of the car? Are there any debts? Is there a DPW claim? You will not have to probate the Will for Jointly owned bank accounts that transfer by right of survivorship. You don't want to probate the estate if you don';t have to, for many reasons that I will not get in to here. In PA there are methods by which the DOT allows transfers of automobiles without probate, depending on your relationship. See http://www.dmv.state.pa.us/pdotforms/fact_sheets/fs-vehtrans.pdfSee question
We have signed the papers and received confirmation from the bank that it has been approved. Now the bank rep is saying we aren't approved yet because of a failed inspection on the house. They say they don't know why it failed though. They faile...
It is entirely possible that when the Bank approved you, they did so with some contingencies. If that was the case, however, it should have stated so in your approval letter. Unfortunately it is also possible that the bank is jerking you around. Banks are reluctant to take title to properties because once they have title, they become liable and responsible for upkeep, etc. A Township that cites a Foreclosed house for neglect and maintenance issues can only cite the title owner, and will. Another possibility is that the Bank's Left hand doesn't know what the Right hand is doing. We have seen that the foreclosure departments and modification departments act separately often and this can cause havoc and confusion; perhaps there is more than one department involved. Stay on top of them, document everything in writing and if you think they are playing games, you can always make a complaint to the Department of Banking.See question
Everything. Now it stays wet. Water level always high. Recently learner by previous owner that home was built on natural spring. This was never disclosed before and PA is a full disclosure state.
Whether or not it is necessary to disclose the fact that the home was built on a natural spring depends on a number of factors:
-was the spring diverted,-were there ever problems, -is/was there any likelihood of a problem as told by an expert, There are parameters within the Seller's Disclosure Law in PA. Although there are situations, such as estates where disclosure is not required, a Seller is required to disclose known material defects. Keep in mind that a lawsuit under this chapter must be filed within Two (2) years of Settlement. The Borough certainly may have liability.
The Sellers Disclosure law is as follows:
Section 7308. Affirmative duty of seller
The seller is not obligated by this chapter to make any specific
investigation or inquiry in an effort to complete the property disclosure
statement. In completing the property disclosure statement, the seller shall
not make any representations that the seller or the agent for the seller
knows or has reason to know are false, deceptive or misleading and shall
not fail to disclose a known material defect.
Section 7309. Nonliability of seller
(a) General Rule.- A seller shall not be liable for any error,
inaccuracy or omission of any information delivered pursuant to
this chapter if:
(1) the seller had no knowledge of the error, inaccuracy or
(2) the error, inaccuracy or omission was based on a reasonable
belief that a material defect or other matter not disclosed had
been corrected; or
(3) the error, inaccuracy or omission was based on information
provided by a public agency, home inspector, contractor or
person registered or licensed under an act referred to in section
7503(a) (relating to relationship to other laws) about matters
within the scope of the agency’s jurisdiction or such other
person’s occupation and the seller had no knowledge of the
error, inaccuracy or omission.
I work in real estate and have three minor children. I would like to purchase rental properties and have my children be the beneficial owners. Through accrued rental income and property appreciation, i would like to use that money to pay for the...
This Answer is easy... Follow Jim Tupitza's advice. This is what we are telling our client's, at least until something changes with the PA Capital Stock tax.See question
In my brother and my interest, what is the best way to handle our fathers estate, and is there a timeline required in Pa.?
No. The Five years that you often hear people talk about is the Medicaid lookback period. This is the period of time that Medicaid will look back to see if there were any assets in the Person at issue's name. Transfers within this period will affect the person's period of eligibility for Medicaid. It gets more complicated than this, but the bottom line is that most people who are planning will wait until 5 years go by after any transfers from the Person at issue's estate.See question