Need Help Selling a Parent’s Home? Part 1
When aging adults can no longer care for themselves, including making necessary decisions regarding their personal affairs, their adult children are tasked with the responsibility of making critical decisions for them. Some of the things you’ll need to help your parents with will be simple, but others may cause disruption and stress to your life. Selling a parent’s home is one of the most common reasons people look for cash home buyers in Winter Garden, FL, as well as other cities across the State of Florida.
Read this section to learn about power of attorney and the important discussions you should have with your parent. Read part two to learn about some of the challenges of selling a parent’s home and the options for doing so.
What’s a Power of Attorney?
Only the legal owners of a property can transfer ownership to a new owner. If your parent is incapacitated in any way, they will need you to act on their behalf. This is done through a power of attorney which is drafted by an attorney.
A power of attorney is used for a variety of legal acts including selling a home, signing contracts, and making medical decisions. It’s a legal document that delegates authority from one person to another. The principal would be your parents who are delegating authority to you, the agent (also known as the attorney-in-fact). This document can be broad or specific regarding the acts that the agent can take on behalf of the principal.
Have the Necessary Discussions
When selling a parent’s house, there are many things that need to be discussed. First, meet with your parents and talk about their wishes in terms of their home. Next, if they are in a position to discuss this, of course, asking them about their financial obligations and if any will be affected by the selling of their home is necessary. You’ll likely want to get an understanding of whether Medicare or social security would be affected in any way.
Other topics may include outstanding debts, power of attorney paperwork, insurance carriers, and estate or will planning. This is also the time to decide how you’ll go about selling the home: for sale by owner, with a realtor, or with a company that will buy houses for cash in Winter Garden, FL.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.
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