Tennessee Real Estate Legal Questions

To avoid any capital gain with a 1031 exchange you must be exchanging like properties that have been held for rental income. The IRS has a very broad description for like properties so usually any property will qualify. The amount you need to reinvest is the difference between the price you aquired the property and the price you sell it. The loan balance is not a factor. You can mark up you basis by adding any improvements.           ... Read More

There is too little information here to provide anything more than guesswork.  Here are some observations that may provide a bit of guidance: 1.   What kind of warranty did you get?  A warranty under VA or FHA financing is not much of a warranty.  It is merely a written assurance that the home construction conformed to VA/FHA specifications.  If the house was paid for by cash or financed by a conventional loan, there normally is not a warranty --- except in some cases a builder will assure the homeowner orally that he will warrant it for a year.  In addition, the law in some states will recognize an "implied warranty" for a period of time.  It is my guess that you do not have a "written warranty" that sets out specifically what is and what is not warranted. 2.   The next question is, if you have a warranty, what does it cover?  If you have a written warranty, it should set out clearly what is and what is not covered - and the length of time it applies.  If your warranty was for a year and you have not taken affirmative action to compel performance, you have probably lost the right to do so.  3.   It is recommended that you confer with a good real estate attorney in your area to learn whether you do indeed have a warranty; if you do, what it covers; and whether it is still enforceable.  You will probably have to pay a modest conference fee but it will be worth it to learn where you stand on these questions.      ... Read More

You haven't provided enough information for me to understand clearly what the circumstances are.  If your name is on the deed but that you are not obligated on the loan, it appears to me that you allowed your real estate to be pledged as collateral for your mother's loan.  If you allow a foreclosure, you will quite obviously lose whatever interest you have in the realty.  If your name does not appear on the Note (the promise to repay the loan), then the lender cannot sue you for any deficiency.  You should confirm that your name is not on the Note before you allow a default to occur.  You did not ask about the car but, it appears to be that if the car is still in your mother's name, at some point you will need to get it into your name if you claim to be the beneficiary of the vehicle as a result of her death.  If that is the only thing remaining that needs attention, your attorney could possibly prevail on the license commissioner to accept a copy of the will and an affidavit in lieu of probate.  If not, I think you will eventually have to probate the estate in order to clear title to the car.  You should confer with your attorney about both questions.... Read More

Most folks have a difficult time coming to the point of suing a relative, but I think (if you have not left out any important details) you probably have a case against her.  See a good real estate lawyer in your area who spends a good portion of his time in court.  Be sure to explain in complete detail what agreements were made (even if oral) concerning the placement of the mobile home; what difficulties it might have been to your mother; what time frames were agreed to - if any - for the mobile home to be left there, etc.  Note:  Many real estate lawyers are not "trial" lawyers.  The lawyer you consult should be one who is comfortable in court but who knows real estate law.   ... Read More