Inheriting a House from Parents, and How to Buy Out a Sibling on Shared Property
Welcome to Horizon Real Estate's your go-to source for all things related to Probate Real Estate in San Diego, California. If you're wondering how to navigate the probate process, or if you've inherited a house from your parents and need guidance on what to do next, you're in the right place. Whether you're looking to sell, buy out a sibling on shared property, or simply understand the intricacies of inheriting property from parents, We’re here to help. Subscribe now for expert tips and advice on probate real estate in San Diego.
00:00 Intro
00:25 Step #1 Current Market Value
03:00 Step #2 Determine Ownership
03:50 Step #3 Communication!
04:48 Step #4 Financing
05:22 Step #5 Tax Implications
05:58 In Conclusion…
06:46 Outro
Here at Horizon Real Estate we care about helping you, as the estate executor, administrator or trustee. We want you to feel comfortable throughout the probate process, and to help you get the most money quickly from your estate house or trust property.
KimWard@ProbateAndTrustHelp.com DRE#01218310
AshlieRivera@ProbateAndTrusthelp.com DRE#02042935
619.741.0111
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I’m a full time REALTOR in San Diego, California with Horizon Real Estate. I’m an expert at helping executors, administrators and trustees with probate houses and houses in a trust. A wife, mom to three grown sons and a daughter, plus She-she (that’s my grandma name) to the two cutest, smartest and busiest kids.
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I am NOT a lawyer or tax professional. The presentations reflect my own understanding of the underlying subjects. However, the presentation is based on my professional experience in the field of real estate. The information contained herein should NOT be used as a substitute for the advice of an appropriately qualified and licensed attorney, tax professional or contracted real estate agent/broker. The information provided here is for informational purposes only. You should consult with a professional to seek legal advice regarding your exact circumstances.
If you want to talk with me about San Diego real estate, fell comfortable calling me at 619-741-0111 or email me at KimWard@ProbateAndTrustHelp.com
California DRE license #01218310
Пікірлер: 6
Thank you for your videos. Could you comment on Proposition 58 and Prop 193 and how these could save children or grand-children who inherit a property from reassessed property taxes?
@ProbateandTrustHelp
5 ай бұрын
Of course! Propositions 58 and 193 had to do with completing a document titled parent/child exclusion. This was a document provided by the San Diego County tax assessors office. The bad news is that proposition 19 removed that document unless the child or grandchildren if the children are deceased, would move into the property for at least the first year after the death of the parent/grandparent. What it would do was keep the property taxes at the decedents amount. My understanding is that there will be an item on the November ballot to reverse the removal of the benefit to Estate regarding a parent child exclusion. To learn more, you’ll want to Google proposition 19. Hope this helps and remember I am not a tax advisor or an attorney, so always verify everything written on this channel. Thanks for watching!
In our case, there are three siblings. We have asked two of them to buy us out. They are paying us cash after the appraisal. Everyone is in agreement. However, my Brother in law is saying we split it to 1/3rd after what the realtor fees would be. We are not in agreement with factoring realtor fees when not using a realtor. Is it typical to calculate what that fee could be when doing a buy out?
@jennifersexsmith5225
2 ай бұрын
I'm in the same situation - brother wants to buy me out but wants to deduct 6% realtor fees and closing costs from the price of the house (i.e. estimated price of house is $600k but he is deducting $36k plus a few thousand in closing costs and saying my share is worth half of $560k). Is this the fairest way to do this?
Hello, what if there was no will and several houses, and the heirs want to split up the houses between the heirs?
@ProbateandTrustHelp
6 ай бұрын
When there isn’t a will, the beneficiaries will be determined via Intestate Succession. Intestate Succession is a probate process used to distribute property and assets when there is no will on record in California. Typically, a surviving spouse and children are given priority, followed by other close relatives, such as parents and siblings. So, the first step is to determine who the beneficiaries (heirs) are and then go through the probate process. If the beneficiaries agree to splitting up the houses, then all is well. We would recommend the beneficiaries obtain legal guidance.