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So You Inherited Land, Now What?
over 1 year ago

If you're about to inherit land but the deed is not yet in your name, you'll need to receive a transfer of ownership from the estate's executor.  You may also need to work with a real estate attorney and an accountant if the property taxes, capital gains taxes, and estate taxes have not been handled appropriately. When this process is underway, it would be beneficial to strategize with your business partners as you continue making plans for what comes next. Once you have inherited the land, depends on whatever went into initial investment decisions - one could sell the property at some time in the future; one could hold onto the inheritance property while repurposing it; or one might choose to repurpose part of the inherited estate before selling it at some point in time.  Get more info on how to sell vacant land Georgia quickly.

Selling the inheritance of land can be a lucrative opportunity, especially if you have other family members involved. As the seller, you can relieve yourself and any other responsible parties of maintaining several acres of land. Selling land inherited from ancestors can be a lucrative opportunity. Not only does the sale relieve you of having to maintain several acres of land which typically holds sentimental value for most people, it also allows you to divide assets once the land is sold.Selling land is different from selling your house and can often take longer.  If you do choose to sell the land, you might want to work with a real estate attorney or an agent who can help network with potential buyers and sellers.

An attorney can be an especially beneficial ally when it comes to ensuring the how the land can be used. For example, if you were to sell land, you might have your attorney draw up a contract stating that the land cannot be used for hunting or constructing housing developments for at least five years after its sale, and so on. It’s important as both a seller and buyer of land to understand these terms prior to agreeing on them through your signature! Get more info on how we buy land Georgia.

If you have inherited land but are unsure about what to do with it, keep in mind that if you do nothing with the land for a period of 3-4 years, then zoning can change. This can lead to a number of problems later down the road like not being able to develop or sell the property. If this is something you're looking into, you need to stay on top of any zoning changes and make sure they don’t impact development plans or sales. Also consider that property taxes may apply after only two years and even at very low rates they will add up over time. It never hurts to get in touch with an accountant or speak with your local authorities regarding land tax laws and maps. The next step is making sure you know what resources are available to help you turn this newly acquired piece of land into a houseful of memories.  Explore more at https://en.wikipedia.org/wiki/Land

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