April 2024 | Buy and Sell Properties Online New York April 2024 | Buy and Sell Properties Online New York

Month: April 2024 Posts

Selling An Inherited Property In 2024

If selling an inherited property is what’s on your mind, you might be surrounded by a bunch of questions – How to sell an inherited property? What are the legal requirements? What are the tax implications and so much more?

When you inherit a property, you have multiple options for how to proceed. You may decide to live in it, rent it out, or sell it. Emotionally, inheriting a property can be demanding, but it may even put a financial strain on you. If you feel that the obligation of inheriting property is huge for you, the best way out is to sell it.

However, selling an inherited property can be complex and take longer, especially if it goes through a probate process. Yet, once you know which hurdles you need to cross, the process of sale or transfer can become relatively easier to navigate.

So, let us help you with what you must be aware of before you even jump into the selling process.

When Can You Sell An Inherited Property?

You can only sell an inherited property if you already have its ownership. Considering this, the following are the ways of owning a property through inheritance.

1. Probate

In New York, almost every inherited property has to go through the probate process. Probate involves the court which determines the legal owner of the inherited property.

During the probate, you must provide the owner’s death certificate and ownership documentation. Through this process, the court also ensures that the outstanding debts of the deceased are settled before transferring the property to the inheritor or inheritors.

Probate proceedings can be costly and time-consuming, it can even take up to 12 months. Once you inherit the property under probate, you can sell it.

2. Joint Ownership

When you and another person own property jointly and that ownership includes the “right of survivorship,” the surviving owner will take over ownership of the property upon the death of the other owner. Although it will require some documentation to demonstrate that title to the property is held exclusively by the surviving owner, no probate will be required to transfer the property.

3. Transfer-on-Death Deed

A transfer-on-death deed helps the executor manage the property owner’s assets after death by automatically transferring property to a designated beneficiary upon the owner’s death without the need for probate.

If you inherit the property through such a deed, you get the right to sell it.

Please note that New York doesn’t allow real estate to get transferred through this method. However, if one doesn’t live in a state that allows TOD deeds, but owns property in such a state, they might still be able to use a TOD deed — but it is advisable to check with an estate lawyer first.

4. Living Trust

A living trust is a legal arrangement that is drawn up by an individual while they are still alive. It names a trustee and lays out clear guidelines for how assets will be distributed upon the grantor’s death.

If you become the inheritor through this method you can benefit from the sale of the inherited property.

What To Consider Before Selling An Inherited Property?

An inherited property is not like a property that you directly get ownership of. That is why the process of selling one can be quite complicated. There are certain factors that you must look at before you decide to sell the inherited property, such as the following:

1. Value Of The Property

Before you look into anything else, first research the fair market value of the inherited property. Compare it with other properties in its vicinity to accomplish this task.

Alternatively, you can use online value estimation tools. Despite the estimated value that you get, remember that several factors can directly affect the property’s value such as the condition of the property.

2. Outstanding Mortgage

Reach out to the mortgage company if there is an outstanding mortgage on the inherited property to determine the required payment amount. This is how you can get to know how much you might earn after selling the property.

3. Debts If Any

Settle any outstanding debts, such as unpaid bills or taxes, for which the deceased person was responsible before proceeding. This way you get an idea of whether the selling of the inherited property would only go to paying the debts.

4. Agreement Of All Inheritors

It might be possible that you are not the only inheritor, but multiple persons/family members are inheriting the property.

In such a case, you must see that all the inheritors agree to sell the property. This will ensure that you have a smooth selling process without any potential conflict.

Tax Obligations

There is no inheritance tax in the state of New York. However, if the value of your property exceeds $6.58 million, you will have to pay an estate tax ranging from 3.06% to 16%.

Moreover, when you sell the inherited property, you must fulfill tax obligations including payment of transfer tax, property tax, and capital gains tax.

How To Sell An Inherited Property?

Selling an inherited property is really no different than selling any other property. You can sell it on the open market for the most profit either through a real estate agent or sell it yourself.

Also, you can sell it directly to a cash buyer without making any repairs or changes. You can move quickly and get cash for the property without needing to make large upfront investments if you sell it as-is.

Elite Properties is a real estate company that will buy your property “as-is,” with no costs or commissions! You receive the greatest cash offer and we also pay for all closing and legal fees. No open houses or showings, and a speedy three-day closing!

The Final Say

Selling an inherited property can be overwhelming with all the legal processes that you need to go through. So, if you want to sell your inherited property with lightning speed, we are just a click ahead, contact us!

Fair housing is not just a fancy term, but a real necessity in the real estate industry across the globe.

Hello, fellow New Yorkers! Did you know that despite progress, housing discrimination is still a significant concern in the Big Apple?

According to recent data, reports of housing discrimination have been on the rise, highlighting the urgent need to address this issue head-on. Not only in New York but several housing discrimination complaints have been recorded nationwide. If you don’t believe, here are some numbers (as numbers never lie, do they?).

As per the data provided by the National Fair Housing Alliance, the most number of fair housing complaints ever recorded in a single year nationwide was 33,007, which came in 2022. The data also shows that discrimination based on disability accounted for the majority of complaints with a whopping 53.26%.

In addition, 2,490 sex-based complaints were received, which is the most since 2005. Despite the huge volume of complaints, the majority of cases of housing discrimination remain unreported or unnoticed.

The Fair Housing Act aims to prevent discriminatory practices that exclude people from housing opportunities because of circumstances outside of their control. In the quest for fair housing in the U.S., people as well as families have rights that this crucial legislative shield seeks to defend.

In this blog, let’s shed light on housing discrimination by taking a closer look at the Fair Housing Act.

Fair Housing Act: Understanding The Concept

To help you gain a better understanding of the concept of the Fair Housing Act, we have listed a few questions and answers below. Have a glance!

What Is Fair Housing?

In simple terms, fair housing is equal and free access to residential housing – that is a housing choice.

What Is the Fair Housing Act?

Basically, it’s a law that says discrimination in housing is prohibited. This law prohibits discriminatory housing practices and housing market denials to individuals based on factors they can’t control.

When you are renting, buying, or financing your home, this law protects you from discrimination based on your:

  • Race
  • Color
  • National origin
  • Religion
  • Sex
  • Disability
  • Family status

When And Why Was The Act Established?

The Fair Housing Act was established in 1968 and came out of the civil rights era activism.
The need for the Fair Housing Act stems from a long history of discrimination and segregation in the housing sector.

Before its enactment, many marginalized communities faced blatant discrimination when trying to rent or purchase a home. The Fair Housing Act seeks to rectify these injustices by prohibiting discrimination based on protected characteristics, also promoting diversity and inclusion in housing.

Whom Does The Act Protect?

Although the Fair Housing Act applies to New York City, it is a federal law. The law believes that housing is a basic right that should be accessible to every American. It safeguards borrowers, buyers, and tenants and strives to end discrimination in public and private housing on a nationwide scale.

Who Should Abide By This Act?

All individuals and entities active in the housing market have an ethical duty to abide by this regulation. This covers everyone engaged in a home transaction, such as lenders, appraisers, real estate agents, landlords, and property managers.

A Few Examples Of Housing Discrimination

A landlord refusing to rent to a family with young children, citing concerns about noise, could constitute familial status discrimination. Similarly, denying housing to an individual because of their disability or nationality is a clear violation of the law.

What Are The Protected Classes?

A protected class comprises individuals who have historically been discriminated against due to a particular attribute. This Act, along with the New York State and New York City Human Rights Laws, protects individuals belonging to protected classes against housing discrimination on both state and city levels.

The protected classes are safeguarded against housing discrimination based on:

  • Race
  • Color
  • Sex
  • National origin
  • Religion or creed
  • Disability
  • Family status

The New York Fair Housing Act also protects individuals from discrimination based on the following factors in addition to the above federally protected classes:

  • Age
  • Gender
  • Citizenship status
  • Marital status
  • Sexual orientation
  • Military status
  • Lawful occupation
  • Lawful source of income
  • Partnership status
  • Status as a victim of domestic violence, sex crimes, or stalking.

What Is Prohibited Under The Fair Housing Act?

The Fair Housing Act strictly prohibits various forms of discriminatory practices. Some common discriminatory practices include:

1. Refusing to rent or sell housing to an individual based on their protected characteristics.
2. Setting different terms, conditions, or privileges for housing based on a person’s protected status.
3. Making false representations about the availability of housing to deter certain groups from applying.
4. Harassing, intimidating, or coercing individuals to prevent them from exercising their fair housing rights.
5. Failing to accommodate reasonable requests for disability-related accommodations, such as wheelchair ramps.

What Type of Housing Is Covered?

The Fair Housing Act applies to most housing. However, the Act exempts from its provisions some types of housing, including:

  • Single family houses sold or rented without the help of a broker,
  • Owner-occupied structures with no more than four units, and
  • Housing operated private clubs with limited members’ occupancy.

Furthermore, just like the Federal Housing Law, New York also has its own exemptions which are as follows:

  • Either one or two owner-occupied family home buildings
  • Room rentals in housing for same-sex individuals.
  • Room rentals in owner-occupied housing

The Final Say

If you believe you’ve experienced housing discrimination, you can file a complaint not only with the U.S. Department of Housing but also Urban Development (HUD) through various modes.

Ensuring equal access to housing is not just a legal obligation but a moral imperative. Not only by understanding your rights under the Fair Housing Act but also taking action against discrimination, you can help create a more inclusive and equitable society for all.

Looking to ease your home buying or selling experience? Get in touch with Elite Properties today.

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