Selling an inherited property in Michigan can be a complex process. You’ll start by gathering documents that prove your right to sell the property and provide essential information to potential buyers.
Below, we will walk you through the key documents required to sell an inherited Michigan home. We’ll explain each document, why it matters, and how to obtain it. By preparing these papers, you’ll be better equipped to handle the legal process and potential tax implications of selling your inherited property in Michigan. Let’s get started!
Proof Of Inheritance
What Is It?
Proof of inheritance is a legal document that shows you have the right to sell the inherited property. It’s usually a will, trust document, or court order that names you as the heir or executor of the estate.
This document proves you’re the rightful owner of the property. Without it, you can’t legally sell the house. It’s the first thing buyers or real estate agents will ask to see.
You will usually receive this document during the probate process. If you don’t have it, contact the probate court in the county where the deceased person lived. They can provide you with copies of the necessary documents.
Title And Deed Documents
What Is It?
The title and deed are legal papers that show who owns the property. The deed is the document that transfers ownership, while the title is the concept of ownership itself.
These documents prove that the property belonged to the person who left it to you and show no legal issues with the ownership. Buyers need to see these to verify they’re getting a clean title.
You can usually find copies of these documents at the county recorder’s office. If you can’t find them, you might need to hire a title company to do a title search for you.
Property Appraisal And Valuation Reports
What Is It?
An appraisal is a professional estimate of how much the property is worth. A valuation report gives more details about the property’s condition and value.
These reports help you set a fair price for the property. They also show potential buyers that your asking price is reasonable. Having a documented property appraisal before you sell your inherited house can make the selling process faster and smoother.
Hire a licensed appraiser to evaluate the property. You can find appraisers through real estate agents or online directories. Make sure to choose someone with experience in your local area.
Tax Documents And Assessments
What Is It?
These papers show how much property tax is owed on the house. They also include any tax assessments done by the local government.
Buyers want to know how much they’ll have to pay in taxes. These documents also show if there are any unpaid taxes on the property. Settle any tax debts before selling the property during probate.
Contact your local tax assessor’s office. They can provide you with copies of recent tax bills and assessments. You might also find this information online through your county’s website.
Mortgage And Loan Documents
What Is It?
These are papers that show whether money is still owed on the house. They include mortgage statements and any other loans tied to the property.
You need to know if there’s a mortgage to pay off when you sell. Buyers also want to confirm no surprise debts are attached to the house.
If you don’t have these documents, contact the bank or lender that held the mortgage. They can provide you with current statements and payoff amounts.
Home Improvements And Repair Records
What Is It?
Repair records and major renovations show that you’ve made significant improvements to the property. Some home improvement projects have a high ROI at resale.
Records increase the value of your property if you’re selling your house during probate in Michigan. They show buyers that the property has been well-maintained. They can also help you avoid capital gains tax by proving you’ve increased the home’s value.
Gather receipts or contracts for work done on the house. If you don’t have these, try contacting the contractors who did the work. They might have records of the improvements.
HOA, Condo, or Community Association Documents
What Is It?
If you join an HOA, you should have documents and financial statements for any homeowners’ association (HOA) or similar group to which the property belongs.
Buyers need to know about the rules or fees that come with the property. These documents also show if there are any unpaid HOA fees.
Contact the HOA or community association directly. They provide current documents and fee statements. Some associations might have them available online.
Power of Attorney or Executor Authorization
What Is It?
A power of attorney is a legal document that gives you the right to act on behalf of the estate. It’s needed if you are not the direct heir but are handling the sale.
You might not have the legal authority to sell the property without power of attorney. It protects you and the buyer from legal problems later.
If you’re the executor, you’ll get this authority through the probate process. For power of attorney, you’ll need to have the document prepared by a lawyer and signed by the appropriate parties.
Closing and Sale Documents
What Is It?
These are the final papers needed to complete the sale. They include the purchase agreement, closing statement, and transfer documents.
These documents make the sale official. They transfer ownership to the buyer and show how the money from the sale is distributed.
Your real estate agent or lawyer will usually prepare these documents. They’ll guide you through what needs to be signed and when. Make sure to read everything carefully before signing.
Sell Your Inherited House In Michigan Fast
Whether you’re going through probate and need fast cash or just want to get rid of an unwanted inheritance, Ryan Buys Houses can buy your house right now and pay cash. We buy houses as-is in Michigan. Get a cash offer in 24 hours and sell your house in as little as 7 days.
Fill out our online form or call (269) 775-4095 to get a fast cash offer. Sell your house fast in Kalamazoo, Michigan.
