You’ve decided to sell an inherited home – Part III
So, you’ve made the decision… It looks like the best course of action would be to sell the home. Where do you start? The following questions will help you organize so the process is as seamless as possible. Of course consulting with an experienced agent will make this phase much easier.
Here are the most common questions that need to be answered:
- Who is the owner of title?
- Has one spouse passed away or both?
- If both spouses have passed we need copies of the death certificate and to verify who the successor trustee is and that there are no provisional signors.
- Has the title conveyed from the owner to the heirs?
- Who is the real estate or trust attorney and insurer the family has been working with?
- Is there a will or living trust in place, and is there a copy available so we may verify the certificate of trust?
- Who are the trustees and beneficiaries?
- Who is able to sign on behalf of the estate, who has to sign, how do they need to sign?
- All power of attorney documents (POA) are not the same. Check with your escrow officer to see which POA is appropriate for your situation.
- If no will or trust is in place the property will go to a judge and depending on the value of the property it may need to go to probate at the judge’s discretion.
- If the property is in a trust the escrow cannot cut checks to individuals. The check is payable to a trust. The heirs will need to establish a trust account with a bank account and the funds will be dispersed as the judge outlines.
Other considerations when selling an inherited home:
- Does the family have any information on repairs or maintenance of the home?
- The seller has a legal obligation to disclose any known material defects regarding the home. We will need a insurance claims history (CLUE) report for the property for five years.
- Are there any leased items on the home such as solar panels or water softeners?
- Are there any warranties in place that transfer with the property?
- Order a preliminary title report and look for any liens, also open an early bird escrow.
- Does the family need help with donations or conducting an estate sale for personal items?
- Is your insurance current?
- Are there recurring services in place such as landscaping, HVAC servicing, pest control, cleaning, etc., and are they current?
If you have questions regarding how to sell an inherited home, or would like to schedule a free no obligation consultation to discuss your situation, please call Nick Labriola with Long Realty at 520-975-8956 or email Nick@realtucson.com
To read more on this topic:
- Part I: You’re Inheriting Your Family Home, Now What?
- Part II: The top four professionals you need to sell an inherited home