A comprehensive property profile is essential for establishing the selling price of the estate home. A property profile will also identify problems that may impede the sale of the property.
One of Jordan’s first tasks when selling probate, trust and inherited properties is preparing a thorough property profile that includes details on your specific property.
Square footage, number of beds and baths, zoning information, lot size, tax information and ownership information are some of the data points included in the property profile, along with just about everything a potential buyer may want to ask about the estate home itself and the neighborhood it belongs to. Sales comparables, information on the local school district and other local snapshots are commonly included.
Most importantly, a property file will ascertain the financial and ownership status of a property. With a property profile compiled by Jordan, you can determine three things.
- Who the legal owner of the property is and whether they have right to sell the property.
- The loans and liens that exist on the property, which may interfere with the sale.
- Restrictions, if any, related to the use of the land.
There have been some instances when the administrator of the estate is sure that the property is in the name of the deceased, only to find out that before they died, the deceased transferred the property to someone else.
In other cases, there may be loans on the property that you don’t know about.
These encumbrances can come in many forms, be it mortgages, unpaid taxes and mechanic liens. A mechanic lien is a legal process to ensure a contractor gets paid for their services and these loans and liens must be paid before title can be transferred.
Unsuspecting sellers can also encounter restrictions on the land such as an easement that is a right to use the real property of another without possessing it (utility poles, shared driveways, fences, access ways and the like). A “real covenant” can also be a restriction when the owner of the property has promised to do something with the land such as build a gate, or refrain from doing something. When the property is sold, these covenants can remain enforceable.
The entire value to a property profile, then, is to anticipate and forestall the many potential problems that can put a kink in the sale of your loved one’s property. Jordan is dedicated to a seamless sale of your probate, trust or inherited property and will provide a property profile with no obligation. Call him at 949-829-7484.