Some people end up getting eaten alive when a family member passes and you inherit the property. Below is a great way of looking at the overview of this process. It doesn't matter if it's a Destin Florida Condo or if it's a Destin Florida Home. Take the time to find a qualified accountant, attorney and real estate professional to assist you!!
Daily Real Estate News August 28, 2008What to Know About Inheriting Property Inheriting property can be exceedingly confusing for the heirs, particularly if they plan to sell the property. While getting expert legal advice is the best approach for the person who has inherited property, here is some basic information that can help a real estate professional better understand the situation.
Every state has a legal process that allows the person who was willed property to transfer ownership of it from the previous owner’s name to the new owner’s name. The attorney assisting with the probate of the will can help fill out the forms. If there is no lawyer involved, sometimes someone in the clerk of courts office can guide the person inheriting property through the transfer process.
Generally, there is little or no transfer tax or other cost involved because the person who is inheriting the property didn’t pay anything for it.
When a person dies and title is transferred to a spouse or a child, the due-on-sale clause in a mortgage contract doesn’t apply. Otherwise, while a lender could call the loan, in the current economic climate it is unlikely if the person inheriting the property makes regular payments.Source: Real Estate Matters Syndicate, Ilyce Glink (08/24/2008)
Many people get overwhelmed and are already way too emotional to be able to handle so much stress. Take the time to allow qualified people to be of assistance!
http://www.randbcoastalrealestate.com/
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment