Inheriting Real Estate Property in Brooklyn, New York
If you’ve just lost a loved one who willed you their Brooklyn home, you need to know what the options are for inheriting real estate property in Brooklyn, New York. It can be tough dealing with the aftermath of a loved one’s passing, including how to handle their property. Here are some facts you need to know and your options.
Navigating Property Inheritance Legal Hassles
First of all, unless your loved one’s will had a “transfer on death” deed, you will need to go through a probate court proceeding. You—or the executor—will also have to pay back taxes and any unpaid debts out of your loved one’s assets. If any part of the mortgage remains, you’ll need to keep up payments until you pay off the entire sum.
Paying for Property Taxes, Insurance, Repairs, and Maintenance
Like you do with your own home, you must make any needed repairs to the property if you intend to sell it through a real estate brokerage firm or occupy it yourself. You’ll also need to buy an insurance policy to protect yourself from liability suits or damage from flood, fire, or theft. Don’t forget the regular maintenance you need to do, such as cleaning the gutters, painting the exterior and interior of the home, and mowing the lawn. You’ll also need to pay property taxes as long as you own the property.
Renting Your Brooklyn Property
You may want to rent your property out to another occupant. If so, you may need to hire a property manager to run credit checks on potential renters, take care of the legal details, and do some routine maintenance. All that takes a good chunk of your proceeds. When it comes to navigating the complex laws that regulate rentals in Brooklyn, New York, though, you’re better off with a professional property manager. Do it yourself at your own risk.
Selling Your Inherited Property in Brooklyn
- Traditional agencies: When you sell your property through a traditional real estate agency, you’ll have hidden costs galore. The commission is just the start. You’ll have to pay closing fees, a real estate attorney and pay to repair any hidden issues the inspection uncovers. Furthermore, your agent might want you to pay for professional photography, a brochure, or even home staging to present your loved one’s home in its best light.
- Property investors: You don’t have to go through all the hassle of a traditional sale. Even if your loved one owed back taxes or hadn’t paid off the mortgage, a property investor will work with you to take care of these necessities. With a property investor, you have a cash buyer who won’t make you hire a home stager or renovate your home. A property investor can get the sale through way faster than a traditional agency, saving you money on monthly maintenance bills, insurance, and taxes. You’ll get a fair price—and no hassles. Guaranteed.
If you’ve decided to sell your inherited Brooklyn property, you need to talk to the property investors at Revolver Properties about your options. Get your offer now. Contact us today. Call or Text 917.364.3054, Email: email@example.com