More often than not, real estate transactions can get tricky, especially if you’re purchasing a property where the previous owner has passed away. Conveying ownership in this scenario can tack on several months to the process and engulf your business if you let it. On the flip side, many prospective buyers know this and are not willing to follow through thus leaving the buyer pool reduced. Understanding how real estate is conveyed upon death can give you a definite leg up on your competition, or help protect a personal asset you are holding. Here are some scenarios to help determine how a piece of real estate is conveyed upon death.
Buying, owning or selling a property after an unexpected death can certainly have its challenges. Within these challenges, there can be many steps to be followed before a descendant can have the legal standing to sell an inherited property.
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