How to Go About Selling My Inherited House with Title Issues
The sudden demise of parents or guardian is quite depressing for anyone. It is a difficult phase of time that must be handled without any apprehensions. Generally, there are several issues which need to be addressed immediately. One of them is the house that they lived in which you will inherit after their death. This inherited home becomes your responsibility and you have to take proper care of this property.
It is quite daunting to look after the maintenance and upkeep of two properties. Apart from these, there are many other things to be considered within stipulated time. Is there any legal issue attached to that property? Is there any mortgage on the home? Papers of that inherited property are complete or not? The title of the property is clear or not? These are some points that must be tackled properly and timely. If this inherited property has some title issues, it becomes difficult to sell the home quickly.
What Should You Do with Inherited House?
So, how do I sell my home which I have inherited recently. It is important to get through all legal formalities well before the prescribed time allowed by the authorities. If there is any tax lying pending on the house, you need to clear it before the deadline set by a governing body. Incompetence in paying taxes can worsen your situation. Hence, selling off of such property is the wise choice. Also, remember that old homes are prone to heavy repairs and other glitches which are out of your hand. But, if you co-heir a property with your sibling, then there may be issues of the title in this real estate.
Check Status of Will:
If your parents have managed to create a will, then your job is far simpler to conclude. Read the instructions given on the legal document and you can manage the property accordingly. If you have the sole ownership of the property, then all decisions shall be taken by you. But, if you jointly hold it with your siblings, then the decision of all joint holders is binding for everyone.
If there is no legal will, the task becomes too complicated. Children from all marriages solemnized by your parents have legal rights to such property. You can’t sell or rent out property without their consent. To find other family members, you have to check the records of your parents’ past marriages and divorces, if any. You also need to scrutinize the dates of birth and death of these new family members along with the dates of marriage and divorce to know about the actual heirs of this property.
How to Clear Title Issues in Inherited Properties?
Title issues are the biggest concern associated with an inherited property. Ascertaining the number of marriages that your parents had throughout their life and number of your unknown siblings can be an exhaustive task, especially if you were not in touch with your parents. You can mutually make an understanding and sale of property is the most precise decision for you. Don’t try to use legal proceedings to take control of the property. It may make things worse.
Legal Formalities for Transferring Title:
After the demise of the property owner, the process of transferring property through court is called as Probate. The legal executor has the power on behalf of the deceased person to transfer the property in the name of the beneficiary. Here, the beneficiary will be the person mentioned in will or legal heir determined by the state law. The Probate Judge actually enters an order to declare new title holder for that property. The deed by which you become the legal owner of inherited property is called as executor’s deed. Without this legal step of probate, it is difficult to clear the property with title issue.
How to Sell Inherited House in Probate?
What if you can sell the property that is in the process of probate? The court has provision for such cases and executor can transfer property directly to the third party buyer with the consent of the beneficiary (heir). If the inherited property is heavily in debt, then this is the most viable option left for you. The executor will transfer the property to the person to whom you want to sell the property. You get the remaining amount of property after clearing payments of creditors. If there is any mortgage on this inherited home, the court will pass on the leftover amount after paying the outstanding amount to clear the title of property.
You can simplify these legalities by taking help of the professional home buyers. They offer their expert advice for properties with legal issues. Once the title is cleared, they can immediately buy your home for cash. In fact, you can sell your inherited house within 7 days and get immediate cash.