I Just Inherited Mom’s House. Now What?
Have you just suffered the loss of a parent? You may have inherited property from that parent through a Will, a Trust, or maybe by virtue of State law. Many people who inherit real estate from a loved one prefer to sell it, but there are steps that need to be taken before you can do that.
When you immediately try to sell the house without first following these steps, a title company will discover that you don't actually own the home, causing your closing to be delayed and the potential loss of a buyer. This can be frustrating, as well as time-consuming and costly to fix. We can help you avoid this problem by getting started the RIGHT way.
Hiring a realtor and listing the home is putting the cart before the horse. Even though Mom's Will states that you inherit the house (or the estate in general), this is not an automatic transfer of title. You need to establish that you now own the home in order to be able to sell it.
Take it one step at a time. First, call us to determine how to transfer title. Depending on the status of the estate, different options for will apply. For example:
A Will may need to be probated;
An Estate without a Will may need an heirship determination; or
If the home is in a Trust, the terms of the trust will need to be followed, and a successor Trustee may need documentation establishing his/her authroity to transact business on behalf of the trust.
Once we know how to treat the estate, we'll assist you in moving forward with one of the above processes to transfer title of the home to the appropriate party. If you inherited the home solely, then this will be you.
When you have the proper documentation in place, then you'll be ready to sell the home. You can hire a realtor, list the house, and be able to sign as the owner, executor, administrator, or Trustee of the estate or Trust (depending on structure of the estate).
We're here to guide you though the administrative processes needed to get your inherited property in your hands so that you can sell or transfer it in a timely, efficient manner.
