Real Estate Lawyers for Fishers, Indiana

Hello. There are multiple solutions to this problem. The simplest solution would be for your grandfather (or whoever the current owner is) to deed the property over to your father's heirs. They could also switch parcels of land. Depending on how long ago the home was built, the owner of the house could potentially have a right to the property via an adverse possession. Feel free to contact me to discuss this matter in more detail. - Meghan Thomas, Esq.

A triple net lease designates the tenant (lessee) as having the sole responsibility for any and all costs associated to the asset being leased in the agreement, with those costs being the net real estate taxes on the leased asset, net building insurance, and net common area maintenance. The lease received its name from the three “net” fees and may also be called a Net-Net-Net Lease.

Hello and thank you for the opportunity to respond to this very important question. First, an "as is" clause in a Property Sale Agreement shifts the risk to the buyer. The burden of due diligence is shifted to the buyer and the property is being sold in its current condition, with no warranties or representations about the property's condition. In this way, the seller's liability is limited, as the seller is generally not liable for defects, even hidden ones, that the buyer could have discovered through a reasonable inspection. However, the seller's limited liability does not apply if the seller actively conceals a defect. Also, in Ohio, when selling "as is", the seller still has a duty to disclose, and not fraudulently misrepresent, known material defects. Failing to do so can lead to breach of contract, fraud claims, rescission of sale, and potential damages. Ultimately, when property is sold "as is", the buyer is expected to conduct inspections and investigations and negotiate repair terms or price reductions. Further, selling "as is" may affect the ability to finance the sale and/or insure the property, depending on the condition of the property. It is also important to note that courts tend to scrutinize the exact wording of the "as is" clause, and a broad, well-drafted clause will offer stronger protection to the seller. Disclaimer: This response is provided for general informational purposes only and does not constitute legal advice or create an attorney-client relationship. You should consult a qualified attorney licensed in your jurisdiction for advice specific to your situation.

If your rent-to-own contract is in writing then the contract should be binding on the owner's estate, although there may be some practical challenges in enforcing it. If your contract is not in writing you will have several practical proof problems to overcome, and you may have trouble overcoming the executor's challenges to the contract. As a tenant in possession you may have additional rights to recover investments in the house, or maintain your current amount of rent. As with the purchase option, your rights may depend on the language of your written agreement.

Here are some of the main pros and cons of using a quitclaim deed: Pros: - It's a relatively quick and easy way to transfer property title. The process is simpler than other deed types because no warranty of title is provided. - It can help avoid probate if transferring title from a deceased owner. The property can be transferred without going through probate court. - It's generally less expensive than other deeds. A quitclaim deed is usually considered the simplest and cheapest deed option. - It clears up potential title clouds. It can resolve ambiguities in the property's title history. Cons: - It provides no warranty of title. The person transferring the property does not guarantee they actually own the property. - No liability protection for the recipient. If there are defects in the property title, the recipient has no legal recourse against the grantor. - It may not transfer all interests. Mineral rights, easements, mortgages, and other encumbrances may still exist after the transfer. - The grantor must have valid interest to quitclaim. If the grantor doesn't actually have rights to the property, the deed may be void. - It can facilitate fraud if misused. Care should be taken that the grantor has rights to the property. In summary, a quitclaim deed can be a fast and low-cost option to transfer property title, but provides less protection than other deeds. It's important to be sure the grantor has valid rights to avoid potential title issues. Consulting a real estate attorney can help navigate the pros and cons.