Owner of record in an estate sale

[PhillyApp]

Hello,

I completed an appraisal for estate sale about a month ago. The property settled and the lender/client is running into trouble selling the loan. The investor is insisting that the owner of record should contain the Executor's name as opposed to the name in the tax records.

Any thoughts????

For the record I am awaiting the full title report for chain of ownership, initial info does not contain the executor as owner of record.

 

[Papoua Jose]

Tax Record ownership is flawed when it's not updated to current owners.

 

[Peter LeQuire]

How and when ownership of real property passes to someone's estate are questions for a Pennsylvania lawyer. In this state, the estate of a deceased person comes into existence at the death of that person, and from that day forward, the executor acts as the owner of record (within the terms of whatever document creates the estate).

If the appraisal's effective date is the date of death of the owner, it is appropriate that the executor be named ("Jo Blow, Executor of the Estate of Johnny Walker") in the appraisal as the owner. The exact wording will be in the title opinion, as it will state the conditions under which title will be certified as good (Title Commitment Condition #Whatever: "Properly executed warranty deed from Jo Blow, Executor of the Estate of Johnny Walker to Eleanor Seltzer"). It isn't an appraiser's problem, but simply changing the name of the owner is something that I would not object to in this circumstance.

It would be different if the effective date of the appraisal precedes the date of death.

 

[PhillyApp]

Yes, I get that. However, this county is very up to date with their records.

 

[PhillyApp]

Thank you, Peter it makes sense and as you alluded to, each state may be different.

 

[Terrel L. Shields]

I completed an appraisal for estate sale about a month ago. The property settled and the lender/client is running into trouble selling the loan

You did the appraisal for the estate correct?

Now are you re-appraising the property for the bank?

The investor is insisting that the owner of record should contain the Executor's name as opposed to the name in the tax records.

Whatever the last owner is will be in the deeds (office of recorder, clerk, whomever) There may be a lag in the recording, however, the executor may not execute a deed until the property sells. In that case, the owner of record will be the deceased.

For the record I am awaiting the full title report for chain of ownership, initial info does not contain the executor as owner of record.

It may not, if fact, probably doesn't.

 

[CindyR]

My interpretation of the question is that the appraiser prepared the appraisal for a lender for a purchase transaction and the property was being sold by the estate.

And I believe the "owner of public record" means exactly that. When you prepare the appraisal you check the public records available in the normal course of business and report who the owner is shown to be. You do not guess who the owner should be or what the record should show or when the record should have been updated. You report who is shown in public records.

You also explain in the contract analysis section that the seller on the contract is different than the owner of public record and disclose any info you may have to explain that. Like the executor of the estate, etc.

But, you are not a lawyer or a coroner or title examiner and it is not up to you to report someone as 'owner of public record' when you have no verifiable data supporting that claim.

 

[Howard Klahr]

The Executor in the role of executor does not have an ownership interest in the property. The executor is whom the deceased designated as the person to act on behalf of the estate upon their death. It would be misleading to list the executor as the owner of record. Listing the Executor of the Estate is less confusing but I believe that the most appropriate notation for owner of record would be to state Estate of ...

The Executor is likely an intended user and possibly even the client but not part of the owner of record

 

[Jo Ann Meyer Stratton]

The last recorded deed is the owner. If that owner passed away, ownership is now the estate of--so on a report in situation like that I type for example: Smith, John Estate of. Or Estate of John Smith.

 

[Lee Lansford]

I'm not a title company.

Who--or, what--is in title via the applicable public record source and within the normal SOW--is what (or, who) I report as being in title via the public source.