My husband paid the taxes and insurance for most of the time, even though the other party promised to pay them. This other party gave power of attorney to a nephew and then developed Alzheimers. He (the nephew) claims that even if the other party did not a dime to purchase the home they have 50% ownership claim to the house and they want to sell the home and will not pay back the taxes or insurance. Is this true, that joint tenancy automatically means 50% of a sale of a home or is the percentage of ownership in the property based on the amount contributed? We are in California. He has moved the party out-of-state to a nursing home and wishes to sell the home. We want to make sure that this is done legally. Should he have a conservatership, since the Party no longer has the mental capcity to understand or is a power of attorney all that is needed. If we buy them out, is it possible for anyone else (including his family) to claim that the sell was not legal and claim the house again? We want to make sure we do things that leave us free and clear. Will medicaid come after us in any way? We have talked to a real estate listing agent and he gave us a range for the listing based on comps. I've offered in the middle of this range to buy him out- but he says he has a fudiciary responsibility to get the best (highest price). Does this mean that he can only accept the highest price in the range and not the mid price because of fudicary duty?
I believe that durable power of attorney is enough for the nephew to act for the other tenant, but perhaps that would depend on how the DPOA is written up.
The nephew may have a fudiciary responsibility, but you have a huge bargaining chip since he cannot force you to sell your interest in the house, and how is he going to sell half a house?
Clearly you need to consult a lawyer to make sure your interests are protected.