There is almost nothing in real estate that is straightforward. Even the most basic transactions have a snag with the title or something in the closing process that throws you a curveball. This is only heightened if the previous owner passes away. Conveying ownership in this scenario can tack on several months to the process and engulf your business if you let it. On the flip side many prospective buyers know this and are not willing to follow through thus leaving the buyer pool reduced. Understanding how real estate is conveyed upon death can give you a definite leg up on your competition, or help protect a personal asset you are holding. Here are some scenarios to help determine how a piece of real estate is conveyed upon death.
There is little question that buying, owning or selling a property after an unexpected death is never easy. There are generally numerous legal issues to be ironed out and many steps to be followed. If you are the currently owner of a real estate portfolio don’t want to sit down with an attorney and discuss your options. If you are looking to buy a property either in probate or through an estate understand the steps involved and the time commitment needed.
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