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HORDON LEEMAN

What Am I Supposed to Do After I've Inherited Land?
about 1 year ago
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If you’re about to inherit a home but the deed isn't yet in your name, you’ll have to get a transfer of ownership from the executor of the estate. If there are any other beneficiaries involved, it’d be best if you worked with an attorney and an accountant since you might want to consider all of the property taxes, capital gains taxes and estate taxes that need to be handled accurately. Once you inherit the property, what next? You could sell it or repurpose or keep it as is.  Learn more about selling vacant land in Florida

Selling inherited land can be a great deal if you have time and put in the hard work. It's very common that people inherit land or other valuables from family members who have passed away but don't have the right skill set to handle said inheritance. You may not want to take on another house or yard, but you might be able to use the money received from selling it instead. If you do decide to sell this land it's wise to work with a real estate agent and real estate lawyer who can help you properly market your property.  Check out now how we buy land Florida.

An estate attorney can be particularly helpful if you have reservations about how the land can be used. For example, when selling land, you can have your attorney draw up a contract stating that the land cannot be used for hunting or housing development for at least 5 years after purchase, and so on and so forth - which the buyer would have to agree to uphold prior to purchasing.

If you’re letting your land sit idle while you figure out what to do next, keep in mind that it will not be able to maintain itself. You’ll either have to pay someone else to do the landscaping or put in the hard work yourself; however, both options come with a price. Furthermore, property taxes will accumulate on the land every year that you own it whether or not you decide to build anything on it. If you’re considering building a custom home and inheritance sounds appealing, here are some resources that could help. Read more on this link: https://en.wikipedia.org/wiki/For_sale_by_owner

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