Have You Inherited Land…That You Don’t Need?
Dealing with inherited land can be a confusing
and emotional time. Often times there are many
family members on title or the land is located
out of town. It is never good to have a vacant lot
even in the nicest of neighborhoods. Vacant Land
Solutions understands your situation and we are
here to help. We specialize in purchasing land
quickly and professionally.
What normally causes the confusion and stress?
There are several things that cause confusion and stress for folks that inherit vacant land:
Real Estate Taxes
Property taxes is a real important aspect of inheriting land that often is overlooked. First,
any unpaid property taxes must be paid. Likewise, as the landowner you are responsible for
new real estate taxes going forward. And, in many states the transfer – even though by
inheritance – may trigger a reassessment that causes the land’s taxes to be higher for
the new owner (YOU). Failing to pay property taxes can cause you to lose the property in
a tax sale.
HOA And Community Fees
If you inherit a lot in a planned community you likely will learn that there are homeowners’
association (HOA) fees related to the property, even though there is no home. You may be
liable for prior unpaid HOA fees, and will be responsible for new fees going forward. Failure
to pay HOA fees can result in liens on the lot, or even foreclosure in some scenarios.
Maintenance & Insurance
Inheriting land also means you have gained the responsibility of being a landowner, which
includes maintaining the property (even if it’s 500 miles away from you). Cutting the grass,
securing the property, cleaning up after illegal dumping, preventing trespassers, hunters or
children from using your land is your responsibility. As a landowner, you should carry
insurance on the property to protect you from liability and to cover the risk of injury or
loss to anyone on your vacant land.
Are You Thinking About Selling Your Inherited Land?
Selling your inherited land can yield benefits like a cash windfall, or allow you to invest
that money in an asset that provides an income stream (Or pay off some debt). If you sell
soon after the benefactor’s death, there is likely to be little or no taxable capital gain for
you (Consult your tax preparation person) .
We are a real estate investment company and we purchase land each month. We specialize
in solving real estate problems. If you have recently inherited land and would like to sell quickly,
find out what we can do for you.
For a Free, Confidential, Fair, No Obligation, Written Offer on your land, just give us a call