Whether you’ve inherited land due to a recent loved one’s passing or just found out a distant family member left you a property in their will, it’s important to know your options.
You’ll first want to decide what route you want to go with this asset that now belongs to you. You can either remain the owner of the property or sell it. There are a lot of different things you can do with a property if you want to keep it such as use it for recreational activities, lease it out, or farm on it. However, if you decide to go the selling route, there are a few things you’ll need to be aware of before you start the process.
Contact a Land Professional
The first thing you’ll want to do if you’re selling or contemplating selling is to contact a local National Land Realty (NLR) land professional. The agent will know the area and the market and can help you make an informed decision on whether selling is really a good option for you. A land professional can also put you in touch with the proper contacts, such as an attorney, that will help you in the process of selling your inherited land.
You can also request a Broker Price Opinion (BPO) from that land professional that typically, with National Land Realty, won’t cost you a thing. While a BPO won’t give you an exact dollar amount of what you could get for your property, it will give you a general idea of how much it’s worth.
Tie Up Loose Ends with Inherited Land
When a decedent dies testate (with a will), upon probate of the will, title to the decedent’s non-survivorship real property becomes vested in the devisees of the will. There are situations when the deceased loved one’s estate goes to state probate court. This happens when that individual does not leave a will. (This is a situation I’ll be discussing more in depth in an upcoming blog.)
So, once the property you’ve inherited goes through probate, you’ll want to make sure all deeds and paperwork have the correct information. Not checking that everything looks right in the beginning could lead to problems later on when selling the property, so this is an essential step. A land professional can help with this part of the process, as well, if complications come up.
Let an Expert Market and Sell for You
If you decide that selling is your best option after talking to your land professional and all the legalities are squared away, it’s time to get your property on the market! Fortunately, when you work with an NLR professional to sell your land, you can rest assured that you’re in good hands. Our professionals are experts in their areas and know what the market’s doing.
When you market your property with NLR, not only are you hiring the professional but the full NLR team which includes a broad range of experts including digital marketers, social media managers, a professional copywriter, graphic designer, our target acquisition program team and 160+ cooperating land professionals.
Closing is the final step in the process of selling your land and involves the transfer of ownership of the land to a new owner. During this process, the deed is also transferred from the seller to the buyer. An NLR land professional can put you in touch with a number of trusted real estate attorneys, or you can use one you have worked with in the past.
Have more questions about land you’ve inherited? Ready to sell your Eastern North Carolina property? Feel free to reach out to me by email at CDurfee@NationalLand.com or phone at (919) 935-7254.