Not sure if im explaining this using right terms so forgive me but in summary, my partner and i bought a home (CO) from an estate/POA through the wife. From our knowledge, they had no kids or relatives to leave anything to. The husband passed couple of years before her and they (POA?) wanted to sell before she passed. Everything went fine, we closed but now we got a letter in the mail that says it was determined that since the husband didn’t have a will (i guess they were listed as tenants in common) that only 50% ownership was transferred and the deceased husband still owns the other 50%. We were not aware of this and just wondering if this is going to be a headache or something because we are supposed to move in less than a month. Do we contact our agent or what are the next best steps. Thank you all and if i need more details i will try to get them.
Bought house – Tenants in common now deceased
byu/Shot_Confidence_7511 inRealEstate
Posted by Shot_Confidence_7511
2 Comments
Did you buy an owner’s title policy? This is exactly the kind of thing they cover.
If you did, contact your title company. If you did not, then you probably need to hire a real estate attorney.
Also sometimes ‘letters in the mail’ are scams, so don’t talk to anyone about this until you’ve gotten advice either from the title company (if you have a policy) or an attorney.
Probate would need done for him if they were TIC. Hopefully it was sold thru the estate because POA’s are not valid after the person is deceased.