Inheriting property may sound like a great fortune – and it can be – but there’s plenty of legal issues that can surround real estate inheritance. It’s essential to understand what can happen when you inherit property and how to transfer the title so that the property is legally yours.
You’ve likely inherited property due to the passing of a spouse, parent, or another relative. Transferring the title to your name will likely depend on the way you receive the inheritance.
- Through a will – If you receive the property through a will, you will likely need an executor’s deed, which will confirm that the property has gone through probate as well as assign you as the new owner.
- Transfer-on-death deed – Your parent or spouse may have set up a transfer-on-death deed before their passing, which will deed the property to you automatically upon their death. In this case, you don’t have to take any extra steps. The deed to the property is now yours.
- Probate – In many cases, the real estate property may go through probate. This primarily occurs if the deceased did not leave behind a will. Probate can clear up any debts, taxes, or mortgages associated with the property before it is transferred to you, typically through an executor’s deed as well. Probate can be a challenging process and one that can benefit from the assistance of an experienced attorney.
Once you have completed the executor’s deed, you will need to sign it in front of a notary. This will make the transfer official and grant you full ownership of the property. You are now able to sell the property or transfer it to another relative more quickly and efficiently.