Are you dealing with the loss of a loved one and no will? Losing someone you love can be a very challenging time. There are so many things to consider and take care of, not to mention the emotional toll. Inheriting real estate in Los Angeles can be a tricky situation, especially if there isn’t a will in place. It’s important to know your rights and responsibilities as an heir to avoid any legal issues or conflicts with other family members. By knowing what to expect with your potential inherited property in Los Angeles ahead of time, you can navigate with a little less stress. Here are some steps to help you handle inherited property and the overall the situation smoothly.
1. Determine Your Ownership Status
The first step is to determine your ownership status of the inherited property. This will depend on the state laws where the property is located. Generally, if the deceased person was married, their spouse will inherit the property in most cases. If they were unmarried, the property will be divided among their children, parents, or siblings, depending on the state laws. Obtain a copy of the Grant Deed to tell you whether the deceased and potential heirs are holding title as Joint Tenants or Tenants in Common.
Grant Deed – If this is for an inherited property in California, start by obtaining a copy of the Grant Deed. Ask family members if they happen to know where the grant deed document is stored or go to the county recorders office. For Los Angeles County, you can get copies of lien and ownership records at the Los Angeles County Recorder Office.
In addition to what the Grant Deed states, get legal advice to help you navigate whether inheriting this property will be simple or complicated.
2. Get a Professional Appraisal
It’s important to get a professional appraisal of the property to determine its market value (also known as fair market value). This will help you understand the worth of the property and make informed decisions about what to do with it. You can hire a professional appraiser or get an estimate from a local real estate agent.
Professional Appraisal – Generally, the location, age, size, amenities and condition of a home, along with comps, are the key factors the appraiser uses to determine value. Comps is short for sales comparables, which are historical sales of comparable size and condition homes, within the last three to six months.
3. Decide What to Do with the Property
Once you know the value of the inherited property, you can decide what to do with it. You can choose to keep the house, sell the house fast, or rent out the house. If you decide to keep it, you will need to pay property taxes and maintenance costs on an ongoing basis. If you decide to sell the inherited property, you will need to hire a Los Angeles real estate agent and pay their commission fees. If you decide to rent it out, consider if you are ready to become a landlord and handle tenant issues, repairs, and a bit of accounting. A third option is to sell the property directly to Fair Sale Homes, avoiding repairs, commissions, and wasted time.
Sell A House Fast – Selling a house, apartment, or apartment directly to an investor is the fastest way to cash out and move on from property ownership because you actually skip the steps of hiring a real estate agent who put your house on the market and then find you a qualified buyer. By working with an direct buyer like Fair Sale Homes, you skipping those steps puts money in your pocket two to three months earlier.
4. Get Legal Help to Inherit Property
It’s always a good idea to get legal help when dealing with inherited real estate. A California attorney can help you navigate the legal process, especially if there are other heirs involved. They can help you understand your rights and responsibilities as an heir, and help you avoid any legal issues down the road. Every state has differing laws in regards to property inheritance, so make sure to hire a reputable attorney with recent experience in the state where the property resides, as well as where you live and file taxes.
Legal Advice on Inherited Property – There are two types of lawyers who work with California estate law: probate lawyers and estate lawyers. Probate lawyers handle the probate process after an individual passes away, while state lawyers help living clients set up wills and trusts before their death.
Feel free to reach out to Fair Sale Homes for a referral to a reputable estate or probate attorney.
5. Communicate with Other Heirs
If there are other heirs involved, it’s important to communicate with them and come to an agreement on what to do with the property. This can be a difficult conversation, but it’s necessary to avoid any conflicts down the road. You can hire a mediator to help facilitate the conversation and come to an agreement that works for everyone.
Communication – Start communicating early to share what information you have and also, hear other heirs wishes and concerns. Getting too far down the road without saying anything might surprise other heirs who will begin to question your role and intentions.
6. Pay Any Outstanding Debts
If the deceased person had any outstanding debts, such as a mortgage or property taxes, you will need to pay them off. This will ensure that you have clear ownership of the property and avoid any legal issues down the road. Your escrow and/or title company will request a payoff from any legal entity or collections agency to which property debt is owed.
Pay Off Real Estate Property Debts – If you’re working with a probate attorney and escrow company to manage the sale of the property, they will usually coordinate this. The title company will require that mortgages are paid off, property taxes are to date, and other debts are paid to release liens on the property.
7. Transfer Ownership
Once you’ve determined your ownership status, decided what to do with the property, and paid off any outstanding debts, you can transfer ownership of the property. This will involve filing paperwork with the county where the property is located. You will need to provide proof of ownership, such as a death certificate and any legal documents related to the inheritance.
Inheriting real estate can be a complicated process, especially if there isn’t a will in place. But by following these steps and getting professional help when needed, you can handle the situation smoothly and avoid any legal issues down the road. Remember to communicate with other heirs, pay off any outstanding debts, and get legal help if needed.
With a little patience and planning, you can make the most of your inheritance by either holding on to it or choosing a fast sale to Fair Sale Homes. Reach out to us today to learn more about what we can offer you! (626) 863-7006