Inheriting property is not an easy process. You may think that it's like winning the lottery, like getting a reward with little or no detriment, but the fact is that it's not that simple. There are many challenges that you will face if you inherit property. However, should you inherit property in Indian Lake Ohio, you will also see benefits, such as the value of your home going up, because the area is a desirable lakefront, and people are always looking to buy near the water.
Regardless, it can be tricky to navigate the emotions when you are inheriting property from a loved one you have lost. It is up to you to decide whether to accept or refuse this inheritance, and whether you want to use that property to live in or rent out or even sell. We have some insights to help you make those decisions.
Before anything else can happen, you need to determine whether there is a valid will. If there is one, then the probate process needs to be followed, and any outstanding debts paid. Without a will, the courts will follow the relevant laws of intestacy. Should there be a will, and its intention is for you to benefit from the property, then it is advisable to work with the executor of the estate as well as a trusted real estate expert. Find out if the deceased owes more on the mortgage than the property is worth, or if there are outstanding liens or taxes on the property, so you don't end up losing money by accepting the inheritance.
The good news here is that the state of Ohio doesn't levy estate or inheritance taxes, so you won't have to pay any for your Indian Lake Ohio property. However, there may be federal taxes to be paid.
Indian Lake Ohio is a location that is very much in demand. Even if the home you have inherited is not in great shape, the location can more than make up for it. You will probably be able to sell fast and for a good price. Or you might find that the home is up to date with improvements and repairs and you could make a good rental income while you decide whether or not to sell. After a few years of renting, you may even want to move into the home yourself. There are a lot of options available to you with your inheritance. Take some time and speak to experts like Choice Properties before you make the final decision.
Ultimately, what you do with your newly inherited property in Indian Lake Ohio is up to you. Different options work for different people. You may decide to keep the property for sentimental reasons, or for financial reasons. You may decide to sell for those same reasons. Whatever you want to do, get an appraisal first and find a good property agent. At Choice Properties, our experts will be able to guide you and answer any questions you may have, to help you make the right decision.
For more information on speaking with our award winning real estates at Choice Properties, give us a call!
Those who are searching for land to buy in Ohio are in luck! There are many opportunities to do these searches online and with the support of qualified realtors. To get started, try the following options.
Whether it is a neighborhood, subdivision, waterfront property or other home, find the one that is right for you using the following tools:
Lists available homesites for buyers looking to build a home. It is a resource for purchases of land for buyers and half the people who search may not have land to build on but are looking for the best property to suit personal needs.
The internet is a great resource and tool for finding land and homes, especially when beginning to research neighborhoods and locations. Use websites like Zillow and Trulia to narrow down the search and save on time.
Multiple Listing Service (MLS)
Check with a real estate company such as Choice Properties in the area to access land listings. Consult with a real estate professional who has experience in the area and knows the complete listings available for a comprehensive search.
Chamber of Commerce
Plat directories for the area are available through the Chamber of Commerce. Consult the county auditor's searchable database if available.
Knock on Doors
Once a location is narrowed down, find the right place to build or buy by asking neighbors. They are a great resource and a wealth of information about land for sale or if landowners may be considering putting properties up for sale. This may seem like a last resort but in many cases can net some great buys before it ever even goes to market (which may lead to better deals). Personal connections sometimes net the greatest results.
Once the land is located it is important to make sure there is appropriate space for the home or that the home that is dreamt of will be suitable for that space. Here are some questions to ask:
Buying land can feel like a daunting process but it does not have to be. Contact Choice Properties to find out how we can assist you on finding the right home and land for your budget and desires.
Whether buying or selling, a professional, licensed real estate agent can provide great benefits in finding a dream home. Legal obligations to clients can provide a safety net for the client. Find out what legal benefits exist to using a licensed real estate agent and how to take advantage of the opportunity.
The acronym OLDCAR is used to describe legal obligations afforded to clients by licensed real estate agents. The benefits included are listed as follows:
If an agent represents an instruction with financial implications, the agent is required to follow it even if disagreement ensues. This pertains to anything that is legal and does not contradict a contractual agreement.
An agent is obliged to put the interest of his or her client above those of anyone else involved in the deal (including the agent). Loyalty gives the client a sense of peace and reassurance the agent has his or her best interests at heart.
If an agent knows any fact that is 'material' to the sale, the agent is obligated to share the information with his or her client. It is more beneficial to the agent to find out as many material facts as possible.
The agent must protect his or her client's confidentiality. Any information about the client cannot be shared without permission to any other party in the deal.
The agent is responsible for keeping track of funds which factor into the deal.
An agent must use 'reasonable care' and diligence while handling affairs of the client. This may end up being decided by a judge in court depending on the specific transaction being handled.
Fiduciary responsibilities mentioned above only apply to a real estate agent working for the client. This includes having had a written or verbal agreement. An agent may come into the picture who is part of the deal but is not formally representing one's own personal interests. If the agent represents the seller, the obligation exists to the seller not the buyer and legal obligations do not apply to interactions with the buyer.
Every agent has an interest in maintaining good relationships with other agents. Agents can sometimes be too friendly if things get cozy and carelessly disclose information. Over-sharing may involve collusion where two agents work together on the side to structure a deal which benefits both the agents or a hidden outside party which goes above the client's interests. Getting a different agent is always an option if the individual no longer wishes to be represented by the agent or it is believed the behavior is unethical. The other option is to turn the agent into the company for illegal practices.