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Things to consider after inheriting a Miami property
Considerations When You Have Inherited a Miami Property
When you are mourning the loss of a loved one, you don’t always realize what has happened then, when you understand what was left to you what do you do next with a property in Miami, whether to sell the property fast. It is possible you will still need to take some time to grieve your loss and are not ready to deal with the situation, but once you have decided to move forward, and you are not keeping the house we can help you decide what to do with your new property.
It would help if you never assumed selling your inherited piece of property is going to be a simple process. We can tell you; it comes with its own set of unique challenges. There are three ways a person in Miami can inherit property.
This can happen if a person dies and you were the remainder man in a life estate. It also happens if you jointly owned the Miami property with your parents or other family members.
If you inherit the property by deed, the Florida probate process is unnecessary. To take possession of the property, you may only need to record a death certificate with public records or record an affidavit. In this situation, selling the property is not complicated.
This is when a trust agreement is in place that identifies you as the person who gets the Miami property. If the trust identifies a spouse or minor children, the Florida probate court will be required to clear the title. The reason for this is the homestead rules of Florida. If it is a situation where the Florida probate court does not have to be involved, it could be relatively simple to sell the property.
Should you inherit a Miami property from a will, you will have to go through a Florida probate court. In this situation, the Miami property may not be able to be sold for several months after filing the probate. This could take time. You will not get the legal title to the property until the probate proceedings are concluded.
In 2005, the state of Florida eliminated inheritance tax. This means if you are a beneficiary, you won’t be required to pay tax to transfer an estate in Miami. You could be required to pay federal estate taxes. It is important to remember this tax is only imposed when an inherited property is valued at $5 million or more. While inheriting a property, you may be precluded from paying capital gains tax. The reason for this is the property increased in value, and it was obtained tax-free. Should you sell the inherited property, you could have certain tax liabilities.
If you inherit a property with a mortgage that isn’t paid, the property could get foreclosed. A mortgage company will accept payment for the mortgage of a person who has passed away. In this situation, a mortgage company will have its own guidelines and procedures covering what happens when the mortgage holder dies. The Garn-St. Germain Act is a federal law designed to prevent a mortgage company from demanding the entire mortgage when the mortgage holder dies, and someone inherits it.
Sometimes an inherited property in Miami will require mortgage payments, repairs, insurance payments, utilities and more. If you already have a home, you need to consider if you can afford the inherited Miami property.
When many people inherit a Miami property, they may not know exactly what to do next. Many factors will determine how best to handle the situation. This is a time to speak with a real estate professional. We at TurnKey Real Estate Services will understand your position. We can recommend the best way for you to proceed with your inherited Miami property.