Beth:
Hi, I’m Beth with TB Properties Buys Land. Going with the theme of inherited property, I will discuss a few new things this week. We had a gentleman send in his signed purchase agreement along with a copy of his power of attorney for the owner of the property. He had power of attorney for his now, deceased aunt. After we sent the contract into the Title Company, they responded with, “Hey, did you know the aunt is deceased? We can’t move forward with the power of attorney since it no longer applies.” The power of attorney, it’s important to note, only applies when someone is alive.
Once someone has passed away, that power of attorney is no longer valid when it comes to selling your property. At that point, the title company needs either a probated will, and that can take some time, or they’re going to need an affidavit of heirship filled out. In this example, he also had a copy of her probated will and we were able to send that to the Title Company for the transaction to move forward.
I have another example. I’m working with a lady and she too has inherited property. She said, “This is going to be easy. I have a will. I’m the only living heir. This should be just fine.” But the title company asked the question, they asked the question, “Is the will probated?”
And the answer was no. Going through probate can be a costly and a very time-consuming process. What she opted to do was complete the affidavits of heirship that are required by Title to prove the property should be conveyed from her mom to her before she can legally sell to us. She must have two people who know her mother and know the family and can convey to the title company through this affidavit that, “Yes, we know that this property would have been left to her. We know that she’s the only living heir. We know that there’s nobody else involved.”
Now, an important tidbit to know is that most title companies will not ensure title when you’re using an affidavit of heirship if the affidavit is completed prior to six months after the passing. If someone’s passed away and it’s not been six months after their death, most likely completing an affidavit of heirship will not be accepted by the title company. So then you have some options. Either the buyer is okay with the title not being insured, which is generally not going to be accepted, or you have to wait it out.
As you can see there are many different circumstances and there can be different options worth considering. If you do have inherited property, you may have a few options in which your property can be properly and legally conveyed. So if you have questions, feel free to reach out to us. There are circumstances in which inherited property may not be able to be conveyed: perhaps there are too many heirs to track down, or maybe you’ve only got partial ownership (undivided interest), but we can take a look at your particular situation and we can answer that question for you and let you know for sure one way or another.
As we discussed, there are different legal ways in order to convey your inherited property. We’re happy to look and see if in your situation you can sell your property. TB Properties Buys Land, we buy rural vacant land. We buy land lots, generally 10 plus acres. We always close through a title company so that you know that you’re getting… It’s a safe transaction and you know that you’re getting paid. We always pay in cash so that you don’t have to wait on a lender to approve us for a loan. Cash is always faster.
It closes faster through the title company and a title company makes sure that you’re going to be safe. If you have questions, feel free to reach out to us. Thank you once again for listening.