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Non-homeowner preparing to inherit


Sidewinder
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(I know this might not be the exact right forum for this question; it's a muddy one.)

 

Most or all of the books out there for people about to enter into homeownership (or hoping to) are unsurprisingly all about how to get a mortgage.

 

What about a situation where someone who's never owned a home inherits one - and one that doesn't have a mortgage on it, at that.

 

What information does this person need to study to be prepared for his new role?  Legal obligations besides property taxes and possible HOA fees?  Anything to know about homeowner's insurance besides pay the premium on time?  Does the change in ownership trigger a requirement that the house be inspected as it would be ahead of a sale, even though it's not a sale?

 

What else should I ask about?

 

 

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You'll need to maintain the condition of the home.  If you are unsure of it then I'd recommend getting a home inspection as that'll be a detailed report on what needs immediate attention, what you should look out for down the road as well as any other unique features of your home you should keep in mind.  

 

If you aren't sure if it is in a homeowner's association you can reach out to the neighbors, most people love talking about their home and neighborhood.  Another method is to see if there are any sales or current listings in the neighborhood, usually the listings will indicate if there are any HOA dues or if it's part of an association.  If the listings/sales aren't clear, then I bet you can reach out to the listing agent and ask and they'll be happy to tell you - again everyone in the industry loves talking about homes.

 

Very unlikely that change in ownership will trigger a required inspection, but you can contact the city it's within and ask.  I'd recommend starting with the county or town's assessor's office.  As far as property taxes and when they are due, you can contact the county/city tax collector/treasurer but usually you can find that information online.  


There is also What to Do When You Inherit a House from Experian's website.  You can also google the phrase "so you've inherited a home" and find other resources plus you may get further responses here.  

 

Feel free to ask any other specific questions you have on your mind.

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