subject: Louisiana Land For Sale-Hiership And Getting A Deal [print this page] If you don't know what heir property is, it's when a land owner lets say Stan Honea dies in 1899 and was married and had 5 children, when he died his land became joint property of his wife and all his kids and this assumes he had no will. In most states this would break down with his wife owning half and his children owning jointly the other half. If Stan Honea had 10 acres then Mrs. Honea gets 5 acres and each child would get 1/2 acre each.
When you have heirship property you are working someone has to help you gather information and naturally one of the kids would be best. In this article we are going to make a few assumptions like none of Stan's kids are deceased because this would complicate the process and that his wife is still living. Since we have our constants of only one wife and 5 kids we can now move to the process of title clearing for the real estate closing. Since we now have our Constance you are asking what does this have to do with Louisiana land for sale and that deal I was talking about.
If you haven't noticed there is a little work involved here and some expense with an attorney and that's where your deal comes in, this must be taken into account when negotiating you final sales price. The first thing you must do is have all the names, full name, address, phone number, social security numbers and relation to the deceased. The reason you need this information is for an heirship affidavit, which is verification of the ownership of the land, you will need at least two signatures in most states of people not in the chain of title to sign the affidavit that had many years of relations to the family which will verify that there are no more heirs to the land you are trying to buy. In some states this will still not be enough you will have to publish in your local paper looking for any possible unknown heirs that have long vanished or (illegitimate heirs) and they most certainly can pop up.
Once you have all your information for your Louisiana land for sale and you have published in your local paper and remember the paper must be in the county the land is in for your search of additional heirs and you will need an attorney to help with all this to assure its done properly you can move to the close. In the closing process you will need to send a warranty deed to all the heirs usually this will mean out of state mailing and this is not a problem but with eleven signature it will probably be multiple state and cities so for expediency you can prepare multiple deeds and send each heir a deed, this is very common practice to have many deeds to make conveyance. If you have your warranty deeds all signed, your heirship affidavit signed and in some states this is included in the warranty deed you can now close deal on your new Louisiana land.
If you are still wandering where the deal come in on the price here it is, in my twenty years of buying and selling Louisiana land no heir has been willing to do the work or put up the money for the attorney to do his title work to help on the deal, and his fee will be minor in the overall picture so your deal comes from negotiating a much lower price for all your work which could take months to complete but will be well worth the effort. In most cases I have saved as much as fifty percent when buying Louisiana land for sale.
Louisiana Land For Sale-Hiership And Getting A Deal
