Tuesday, 11 December 2018
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Steps to Take When You Inherit a Property

Written by Posted On Sunday, 21 October 2018 17:36

Inheriting a property can be complicated as you need to go through legal formalities before you can obtain ownership. Whatever your plans are with the property – use, rent, or sell – you first need to ensure that it’s legally yours.

Read on as we’ll discuss the necessary steps to take when you inherit a property.

 

1. Transfer the ownership of the property. The first thing you should do when you inherit property is to transfer the ownership of the property into your name. Whether it’s a movable or immovable property, it should be named after the beneficiary in the designated government or revenue records.

  • However, it’s worth to note that the transfer will only push through if you present a substantial proof to claim your inheritance. Under these circumstances, the last will can be reasonable evidence for you to inherit the property.
  • If the person who dies leaves a will, the executor will govern the property as per the wishes provided in the document. However, things become more difficult when there’s no will to speak of.
  • In situations like these, the law on succession within your state will apply, and all the legal heirs will be part of the distribution. Also, remember that passing one’s property to another will only come into effect if the property is self-acquired. Succession law will take effect if the property in question is inherited.
  • If you want a legal opinion on the matter, it’s best to consult a professional attorney who will protect your best interests.

 

2. Secure all necessary documents. For the transfer of property to be valid and effective, you need to apply at the designated government agency together with the required documents.

  • A will with probate or even a succession certificate should be submitted. Without it, your property transfer application may not proceed. In the absence of a will, make sure you secure an affidavit stating that other legal heirs and their successors have no objection to the transfer.
  • The moment you get the property transferred in your name, the next big thing to do is to note the transfer of title of the property in the records of the land revenue.
  • The recording process is necessary for the payment of property taxes and the application for utility connection in the name of the new owner. Moreover, take note that the documents and fees required may differ from one state to another.
  • In claiming your inheritance rights, be sure you have clear evidence of ownership of the property so that the transfer is fast and smooth. If the property involved is ancestral, you should be ready with the proper documents or else the process will take a bit longer.
  • Don’t forget to find out whether the deceased has paid any consideration for the acquisition of the property. To have a better understanding of the matter, ask the help of an  inheritance recovery attorney when making out a valid claim.

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3. Beware of the liabilities. Considering the appreciative value of properties, it’s crucial to check if there are liabilities associated with the property. Check whether there are clogs, mortgages, and common property disputes that need to be taken care of.

  • For example, the transfer of a mortgaged property can only proceed with the written consent of the lender. This means that even if the ownership has been passed to you, the loan continues to run and you have to pay for the outstanding balance.
  • On the other hand, if the property is subject to a lease, you’ll be obliged to adhere to the leased contract agreed upon by the lessor and the lessee.
  • Likewise, if there’s any litigation related to the property, the rule is that you’ll also become a party to it.

Conclusion

Laws involving inheritance rights may vary from state to state. It’s therefore essential to take utmost care when dealing with this kind of situation. Remember, mere possession or enjoyment of the property doesn’t make you its lawful owner. Thus, be sure you consider the steps above so you’ll have an idea of what to do legally when you inherit a property. To make the transfer process easier, do take legal advice from the best attorneys near you. These professionals concentrate on making their legal services trustworthy through the help of a search engine marketing company like  SERP.co.

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