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Legal implications to selling property

Legal implications to selling property

Old Jul 15th 2021, 5:43 am
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Default Legal implications to selling property

My mother-in-law health has deteriorated both physically and mentally. She owns 50% of her property. Are there any legal issues the family need to be aware of if they sell it? She is moving to an old people's home today.
Alot of people have expressed an interest to buy the property but I think there will be some legal issues if the family go ahead and sell it.
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Old Jul 15th 2021, 9:15 am
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Default Re: Legal implications to selling property

When MiL moves into a home someone will have to nominated as next of kin. I would suggest both your sister in law and your wife are nominated.
When it comes to selling the house your MiL will have to sign the contract of sale. If she is mentally competent to do this then no problems, the proceeds will be divided according to ownership shares. If your MiL is not competent to sign then a guardian (or 2 people as joint guardians) will have to be appointed.to manage her affairs and here I would suggest that both your wife and SiL are appointed jointly, that is both need to sign any documents and unilateral decisions can not be made. I am not sure of the procedure to get guardians appointed.

If your MiL is competent now she can of her own will appoint guardians to manage her affairs but the solicitor drawing up this document will have to be satisfied that she is actually doing this without coercion.
In any case someone will have to have the authority to manage her (MiL) bank account just to cope with day to day monies. and I would suggest both your wife and SiL get this authority if they haven't already done so.

Any legal issues from the sale of the property would only come (IMO) if a complaint was made that the sale was not in the best interest of your MiL (in the case of guardianship) or that she was forced to sign against her will (if she was competent to sign) but this would need a complaint from someone to start the procedure.

In Hungary there is no inheritance tax on the transfer of assets between parents and children so there is nothing like the 7 years gift rule as in the UK and any assests your MiL has will be divided equally between her children on her passing (assuming no will).
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Old Jul 15th 2021, 10:26 am
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Default Re: Legal implications to selling property

Thank you.
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Old Jul 15th 2021, 2:33 pm
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Default Re: Legal implications to selling property

Originally Posted by FenTiger
My mother-in-law health has deteriorated both physically and mentally. She owns 50% of her property. Are there any legal issues the family need to be aware of if they sell it? She is moving to an old people's home today.
Alot of people have expressed an interest to buy the property but I think there will be some legal issues if the family go ahead and sell it.
You say the MIL owns 50% of the property. Presumably the other 50% is divided equally between her two daughters If so their names should be specified on the title deeds. Have you checked that this is so?
.
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Old Jul 15th 2021, 3:08 pm
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Default Re: Legal implications to selling property

Should have been update but I will ask.
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