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Important Info About Inheriting Property
By John Walker
Inheriting real property can be confusing for the heirs, particularly if they plan to sell the property. While getting expert legal advice in this situation is the best approach, here is some basic information that may help. Every state has a legal process that allows the heir to transfer ownership of real property from the previous owner’s name to the new owner’s name. The probate attorney can help fill out the forms. If there is no attorney involved, the clerk of courts office may help guide the person inheriting property through the transfer process. For properties in the Carolinas that you intend to sell after the probate process is done, SECharlotteHomeValues.com is a great resource to help determine value, listing price and access experienced listing agents. Generally, there is little or no transfer tax or other cost involved with the transfer of property ownership 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 does not apply. Otherwise, while a lender could call the loan, it is unlikely if the person inheriting the property makes regular payments.
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Contributor's Note
Compiled from business experience and from conversations with my lawyer on the subject
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This intel first appeared on: http://www.southeastcharlottehomes.com/Blog/Important-Information-A...
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