Note! ️The house buying and selling procedures are complicated. We provide one-stop service from assisting with loans, low interest rates for first-time home buyers, to house delivery, decoration and taxation.
Million-dollar real estate agent | Massachusetts licensed decorator Chen Yi
Tel (617) 309-0288
Today I want to talk to you about how to deal with inheriting a property in the United States? What are the issues that need attention? I have sorted out 5 points for your reference, I hope it will be helpful to you!
1. Meeting With a Wills Lawyer
To fully evaluate the property transfer, first meet with a probate attorney to determine who has assumed the various rights and responsibilities associated with the property. Find out if there are any outstanding taxes, liens, HOA dues, or other debts you will be responsible for, and whether there are any specific covenants regarding the property and its future use.
2. Hire a Home Inspector
When buying a house in the United States, you need to hire a home inspector to conduct a comprehensive inspection of the house. This step is also necessary when inheriting a property. The cost of a property inspection in the United States is about $300 to $500. A professional inspection can help you save a lot of trouble.
3. Find Out the Obligations Attached to the Estate
When an estate is inherited, the heirs are concerned about how much it is worth and want the estate to be fully paid off, rather than having a large portion of the loan to be repaid. They also want to know if there are any obligations that need to be met now or in the future, such as paying assessments, property taxes, or other obligations associated with the owner.
Usually, the deceased's family members or designated representatives know the answers to the above questions. If they cannot provide them, the heirs can hire a professional to help, such as a real estate agent, property manager, or real estate attorney.
For example, if the beneficiary of the estate receives a property that still owes a large amount of money to the bank, one question that needs to be clarified is whether the death of the original owner (borrower) triggers a default under the loan documents or requires immediate repayment of the loan. If the heirs wish to keep the property, they need to consider whether they have the ability to pay off the loan or whether they have the credit to refinance the property.
4. Decide Whether to Sell or Keep Your Property
Once you have all the information above, you can decide what to do with the inherited property. There is no doubt that inheriting an inheritance is beneficial to your wealth accumulation. Whether you live in it, sell it, or rent it out, find out the market conditions and it is best to find a local American real estate agent you can trust to discuss your options.
5. What Should I Do if There Are Multiple Heirs to the Estate?
The laws of real estate inheritance in the United States allow multiple beneficiaries to appear in the will together. If the order of inheritance of the real estate is not specifically specified, there are generally three options when this happens. First, you can keep the real estate and own it together. Second, one of the heirs can buy out the shares of the others and obtain full ownership of the house. Third, sell the house and divide the profits equally.
In reality, the third option is more common. It is complicated enough to discuss how to deal with the estate together, and it is not easy to strengthen the partnership by jointly managing and profiting from it. If you choose the first option and jointly own the property, it is recommended that all heirs sign an agreement to clearly define each person's rights and obligations to the property.
