Death of a loved one is an emotional situation that isn’t easy on the family. Not only do you have to handle the emotional aspects of it all, but you also have to take care of the reality. Our blog highlights the steps of selling a house after the death of a parent or loved ones to make the process easier for you.
Selling House After Death of a Parent: Is There a Will?
If there is a will in place, it makes the process a lot easier. You follow the will on the transference of property and make the settlement from there.
If There Isn’t a Will: Intestate
If you are trying to sell a property you have inherited the process can be confusing and complicated. It is best to contact someone who is familiar with the process whether it be an attorney or a real estate professional who understands the title process to intestate probate transactions. To be intestate, merely means that the deceased did not leave a will, so, therefore, the process has to take a different approach to clear title for a deed change. Some call it the Affidavit of Heirship process.
The title company is an insurance company who is offering an insurance policy on the title to the property that the buyer is purchasing. For every real estate transaction, the seller or buyer will take out this policy so that the buyer has the security that the property is not encumbered when they make the purchase. This is called a clear title.
Title Process: Heirship Lineage
When you are dealing with inherited properties, the process can get very messy and complex. The title company has to find out who all the heirs are, so they can transfer the deed because all heirs have a vested interest in the property. Depending on the family dynamic this can get very complicated at times. There are even some deals that won’t get completed because one of the heirs can’t be found or the heirs can’t agree on terms of sale. The fewer heirs there are, the easier it is. It is a lot easier to get two people to agree to something as opposed to getting ten people to agree to something. Especially when it comes to dealing with finances.
How the Title Company Finalizes Transference of Property
They will have the heirs and witnesses who know the family sign an affidavit stating who the heirs are. Once this information is verified the title company will transfer the deed over to the heirs and record the new deed giving the heirs a legal right of ownership. Once the deed is transferred and recorded, and the new ownership is established then the heirs can proceed with the sale of the house.
Contracting The House
After the title company has all the information they need of heirship to proceed with the closing of the house, then the closing process begins. The house is put on the market and ready to be sold! At House Hercules, we set up the house for buyers and take care of the closing hassle for you. We understand that the selling a house after death of a parent is an emotional turmoil in families that can sometimes be unexpected. That’s why we like to take care of our clients to make sure they are nothing but stress-free!
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