Inheriting a property through the Trust or Will of a loved one can be a fantastic gift. A challenging economy and increasing property prices provide a difficult barrier for many Americans looking to buy a home. Inheriting real estate may be a big benefit and, to be honest, a huge relief. However, there are certain legal steps that you would need to take after inheriting a house. Talk to a Reno Estate Planning Attorney to learn more.
What does it mean to be on the deed of a house?
Being on a house’s deed means you are the rightful and legal owner. A house deed is a legal document that assigns real estate ownership from one person to another. A house and the ground on which it stands are both real property. The ownership transfer could occur between a seller and a buyer. It might also be between a grantor and their beneficiary.
How to change the deed when inheriting the house?
If you inherit a house, one of the very first things you will want to do is change the deed. It is a crucial step that ensures your name is on the deed and establishes your legal right to the property in the future.
Step 1: Obtain a certified copy of the Probated Will
You must gather some important documents and information before updating the deed on the inherited residence. The first document you must collect is a certified copy of your loved one’s probated will.
Step 2: Determine the type of property ownership
Next, determine the type of ownership on this specific property. Some owners may choose to create a transfer-on-death deed before their death. This automatically transfers the property to you upon their death and serves as your property deed when combined with a copy of the death certificate.
Step 3: Get a verified copy of the death certificate
You will need to collect legal proof that the house’s former owner has passed away. You must submit a copy of their death certificate with the new deed, as required by your county’s administrative services.
Step 4: Create a new deed naming you as the property owner.
Next, you must create a new deed naming yourself the property owner. You will then have to sign, notarize, and deliver the new deed.
Schedule an appointment today.
It is normal for many people not to know what to do after inheriting a house. Getting help from a legal professional is always better than accidentally committing a grave mistake. If you have inherited a house or have any real estate questions, contact an experienced real estate planning attorney today.