Heirship Issues Part3: Case Studies of Selling Inherited Bare Land

Heirship Issues Part3: Case Studies of Selling Inherited Bare Land
Hi, I’m Beth with TB Properties Buys Land. And this is the third video in this series discussing heirship and chain of title issues when trying to sell your vacant land that you inherited that was left to you. So the first video we discussed a property that was willed to you and the will had gone probate, and what you need to do and what will be expected of you, what kind of paperwork you need to provide.

So the second video we discussed where property was left to you, but there was no will in place. We discussed different paperwork that the title company might need in order to clear the chain of title so that you can sell your property to an investor like to TB Properties Buys Land. Today I want to discuss a few, I guess, stories in which we’ve worked with people when they were trying to sell their land that was inherited. Okay?

So just to kind of maybe save you some time and understanding, I guess, of how this has worked and our experience in the past. So right now we’re purchasing a piece of property from someone. And working with them originally, our understanding was that they had the will had been probated that, that had been recorded and everything was solved. Their understanding was that the attorney had taken care of everything, that this was all recorded in the county where the property is located. So we’ve gone through the title process. Title took a little bit longer than they should have. They’re running behind it. It’s busy right now and they’re short staffed.

And so we finally get the title commitment from the title company, and they say, “Hey, this isn’t legally, this person’s right to sell the property. There’s other people who the property.” And the seller that we’re working with he said, “No, we do.” So what he’s got to do now. And again, we’re months behind in this process. He’s got to go and find a copy of the probate paperwork and he’s got to get that to the title company so they can begin their process and make sure that the chain of title you is properly recorded, and cleared so that they can sell that property.

So it’s taking a little bit longer. And if we had known in advance that this had been probated and the paperwork hadn’t been done like the poor gentleman thought it had been, we could have gotten that paperwork to the title company from the very beginning. And that’s okay. It’s going to happen. It’s going to be done correctly. Everything will close. It’s just taking longer because of that. Okay?

So we’ve had another example where we had a property that was conveyed to a family member. It was a grandparent that owned it. Nobody had done with anything with the property from the parents and now it was the grandchildren on the property, but there was no will in place. Okay? So that means that all surviving heirs have a right to this property. And there are about seven or eight children that had rights to this property, but several had been deceased now. And so there were four, I guess, children left great, I guess, grandchildren left that were heirs. And fortunately, they were able to agree on a price with us. And they were able to agree that everything was going to work the right way.

And so one of them, I guess, was a leader of the group and we sent the paperwork to them and we sent paperwork to review, we sent it out to all four of them. So all four of them and their spouses had to sign. We sent that to the title company. The title company prepared all the paperwork. They cleared the chain of title. Because of this, there was paperwork that had to go out to them. There were affidavits of heirship that needed to be signed. It was just busy work. It’s a couple pages of paperwork saying who they were and how they’re related. And then it had to be notarized or signed in front of a notary, and sent back to the title company.

And once they cleared that chanted title, they properly conveyed that from the grandparent onto them so that they could sell that to us. It was able to work. Did it take a little bit longer? Were we able to close in a month? No, it did take longer, but it was done correctly. And they were legally able to sell that property to us. And we were able to safely close the title company so that they knew they were getting certified funds. They knew there was title insurance, that it would be passed along correctly and they would get their funding however way they chose it. And so that worked really well.

These are just two examples in which TB Properties Buys Land had purchased property that was inherited. So if you’ve got questions, it could be kind of a sticky situation. It can be confusing. You could have been left property and you’re in the grieving process and you want to do away with the property, get rid of it. You don’t want to pay property taxes or maybe you know that you’ve got to go through and clear the chain title, but you don’t have the cash to do that because it can cost thousands of dollars. It can be time-consuming.

Give us a shout. We’re here. We can give you a quote on your property. We pay for all the closing costs so you don’t have to pay those attorney fees. You don’t have to pay the title company. The recording fees and the excise taxes, we take care of that. Our paperwork’s real easy. It’s just one page. And again, we’re going through that title company so you know it’s going to be safe and secure.

But if you have questions, feel free to reach out to us. Again, this is the third video in a series of three. We’re going through some heirship and chain of title issues. I hope this answers some of your questions and look forward to working with you. Thanks.
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