Inheritance homes often sit many years before the heirs address the legal issues after the passing of a family member. Rightful heirs may delay re-titling a home out of the deceased’s name even when one of the heirs takes up exclusive residence.
Some common reasons for failing to re-title an inheritance home are:
• The heirs do not know about the property
• The heirs rely on an informal understanding among themselves
• The property is not sufficiently valuable at the time of the deceased’s death
• The heirs believe that the will document is enough to secure their rights
Delays often set the stage for a future dispute. A deceased’s will may state who should receive the home, but a later competing claim can complicate matters. For example, perhaps one of the heirs invested time and money to maintain the property and now seeks an unreasonable reimbursement. Another example is when a long-time occupant claims the property by “adverse possession”. Who should receive a property when the beneficiaries of a will are at odds with someone else’s claim?
Most buyers of real estate finance their purchase through a mortgage. When a buyer mortgages a property, the lender will record the mortgage note with the local recording office. The recorded note provides notice to the world that the property is encumbered by a mortgage.
When the loan is paid off, the lender will give the borrower a document called a mortgage satisfaction. A satisfaction is the borrower’s proof that the property is released from the mortgage. The borrower can then sell the property free and clear of the mortgage.
Real estate investors often purchase properties that are occupied at the time of purchase. It some cases the investor purchased the property for the rental income and desires rent-paying tenants to remain. But some investors may wish to have the property vacated due to non-paying occupants or to renovate the property. Investors who choose to vacate a property must select the right legal process. Selecting the wrong process wastes time and money and delays the ultimate plans for the property’s use.
Removing an occupant is accomplished through either an “eviction” or an “ejectment” case. Which type of case is the right one? The answer depends on the legal status of the occupant.