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HORDON LEEMAN

I've inherited land - now what?
about 1 year ago
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If you are about to inherit a piece of land because somebody has died, it's important to understand that you're not going to get the title until the estate is finalized and all debts of the deceased person (called probate) have been paid. Escrow should take around 6 months, but apply for it as soon as possible so everything can be legally set. Once you've got your deed and title, it's time for some decision making: what do you want to do with this new land? Consider talking with a local realtor and accountant if necessary to sort out any taxes, fees or liabilities related to inheriting the property.  Learn how to sell vacant land Georgia here!

The sale of inherited land can be a lucrative, practical and responsible idea, especially if all the beneficiaries are family members who are happy to know they will be inheriting assets together from someone that lived a long and fruitful life. Selling the land relieves you and any other responsible parties from having to maintain several acres of land, so you can divide the resources once the land is sold.Selling your land is slightly different than selling a house and [other land-related information you'll add here] . If you do choose to sell your land, it's important that you work with an attorney who has experience with these kinds of transactions. This person or organization may also have connections that can help you network with the most serious buyers interested in this type of investment property.

An attorney can be particularly helpful if you have any reservations about how the land can be used. For example, when selling land, a contract can detail that the land cannot be used for hunting or can't be contracted for housing development for at least five years after the sale and so on, which the buyer would agree to uphold prior to completing the purchase.  Get to know more on Georgia land buyer here!

If you’ve spent the last few years letting your land sit, make sure you’re taking care of it. Or maybe you don’t want a permanent residence but do want to utilize the land for your recreational needs. Keep in mind that if you decide to build on that land at some point, it will be nearly impossible to achieve if there isn’t maintenance already in place - and we all know that involves money. One way people save a lot of money when building a home from scratch is by regarding costs associated with land as a large portion of their overall budget. This is made possible for a number of reasons including inheriting the cost associated with owning property or planning out business structures so as not have to purchase raw land in order to own and run an active operation.   Read additional details here: https://en.wikipedia.org/wiki/Real_estate

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