Hey, everybody. It’s Nick. Here’s another one. I get this call a lot. We inherited this house. What do we have to do? Can we sell it? And then there’s a few other questions that usually come along with that first one, but it all has to do with a property that was inherited by one or more people.
First of all, of course, absolutely, once you’ve inherited the property and you’re the legal owner, you can sell that property. There’s a couple of other things that you might want to think about. One, was there a will in place and does that will say who should inherit the property? If so, has that will been probated? Which the short answer to that is is that’s just a way to go through the court system and you get a judgment saying, “Hey, this is a legal and binding will and then we’re going to follow what’s in there, and that these people should be awarded the property, whosever listed as the people to inherit it.”
Lots of times there’s not one. That doesn’t mean that you can’t sell the property. What you will need to find out is all the people who are in what’s called the chain of title. Like my state, Texas, there are certain rules, right? Whoever passes away, their property will pass down to certain people or over to certain people, and people will have a certain percentage ownership in that. If you know who those people are or can locate them, and everybody can agree, it’s really not that hard to then sell the property, split it up so that everybody gets what’s agreed upon.
The other thing, some people will be in the chain of title, and they really don’t feel like it’s their property. Maybe everything was agreed on by the family before, that this would go to this sister and everybody knows it. That’s okay, right? Those people can also sign their rights to the property over to that person and then that person can sell the property the way it was meant to be, if that’s what they choose to do with it.
A couple things, if you have inherited a property, there’s probably some really good people to help you. It does come up a lot. A lot of calls that I get, the property may need a lot of work. It’s been inherited or the people are out of state and they inherited a property, or they just have another property and really don’t need it and would like some help with somebody to buy the house. Come out, have them take a look at the house, and help you with the process. Lots of times, because of the experience with these transactions, things go a lot smoother with the title company getting the clear title to the property and then you’re able to move on with everybody getting the resolution that they want just regarding that property.
I hope that helps answer a few questions. If you got any more, put the contact information for me down at the bottom and feel free to reach out. Thanks.