What Is The Process For Selling An Inherited Property?

What Is The Process For Selling An Inherited Property?

What is the process for selling an inherited property?

If you’ve inherited a property and you’d like to sell it, or if you’re an investor and you’re trying to purchase a property that someone has inherited, what are some steps that you need to take? You can start going down the path with a couple of questions such as was there a will? If there was a will, then that will probably is going to have a couple things in there. One, it’s going to name an executor. That executor is the person who has the responsibility to carry out whatever is written in that will. It’ll also probably have listed who are the beneficiaries. The people that the person that had the property wanted the property to go to. Who did they intend to that property go to and, or the proceeds from the sale of that property to go to?

A will is great, but the next question, if there was a will, is was that will probated? Having a will is one part, but that will has to go through probate court in order to have the power that the will was intended to have. When a will goes through probate, it goes in front of a judge. It’s usually an attorney involved to help you get through these steps. Yes, that it is going to be some expense, but it takes this will in front of a judge, the judge signs off, “Hey, this is a good and legal will.” And then the person who’s the executor, or the heirs, they can then go do as the will was written and intended to do, and it has legal power to allow them to do so.

Is there always a will? There’s not always a will. Doesn’t always happen. Sometimes there is a will and it wasn’t probated. What do you do in that case? Most of the time, if there is no will, then you’re going to do what’s called Affidavits of Heirship. Okay, so big picture, what’s an Affidavit of Heirship? It is a legal document, okay, that is going to outline the heirs of this property as far back as you need to go. Okay? You’ll do as many as you need to to show the title of this property. Who owned it here, then who owned it here? Where was their heirs?

You’ll need some people to sign off on that. Okay? They are signing under oath, possible penalty of perjury. But most of the time, people are telling the truth. Most of the time, people are happy to sign for you. Those are going to need to be what’s called disinterested parties, which really means people who aren’t benefiting from a sale. Lots of times you can use a neighbor who knew the family for a long time, a different friend of the family who could speak to who all the kids were, cousins were, et cetera, however far it needs to spread out.

These affidavits are going to be prepared by an attorney. You’re probably closing these probably to a title company. They probably want certain things in there. I would, most of the time, recommend waiting to do the affidavits until you know where you’re going to be closing that property. That way you’re not trying to do things or redo things or have to do any extra work. Now, sometimes you have affidavits. Well, was there a will? Well, you can’t just make up affidavits in order to change this person’s will because you don’t feel like probating it. If there is a will and you know about the will and you’re doing affidavits, they’re going to have to line up to what that will is already stating. It’s a way to do it sometimes without having to probate it.

Now, keep in mind that means that all the beneficiaries, all the heirs, they’re going to need to be on the same page. There can’t be an extra heir out there who wants to… Or it’s just not going to work out for you. Don’t try to mix it up like that. Okay? Best thing’s the will. Was the will probated? Okay. If it was, then you can follow those steps. If not, you probably need Affidavits of Heirship. Keep in mind even if you have this will, sometimes you need a combination. If Mr. Smith has passed away and he left the property, but he was married to Mrs. Smith, okay, and she passed before him, she didn’t have a will that left it to him. Oftentimes, you need affidavits to show how the title of that property got over here. But this gives you a real good idea of where you’re going to need to start.

As long as you’re working with some people who have experience with inherited property, they’ve probably done this. They can walk you through the steps and show you how to clear that title from one step to the next step. Other than that, selling inherited property is relatively simple. Okay? We’ve done a lot of them, so we’re real familiar with the step. We feel really comfortable with this process, but you can also sell it through a real estate agent. That’s not what we do as investors, but I mean, that’s perfectly fine as well.

If you want to sell an inherited property, if you’re trying to buy one, remember, first, let’s find out was there a will. Second, let’s find out was that will probated? If not, well, then we need to figure out who these heirs are. How many heirs are there? How far back do we need to go to start creating Affidavits of Heirship to document the heirship of that family, where that property is, and who legally has an interest in that property? Then you can go ahead and sell that property and get to moving forward. I hope this helps. If there’s anything we can do for you, reach out to us through the website, sellmysanantoniohouse.com, or give us call (210) 201-6644. Thanks.
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