Selling Inherited Property in Louisiana
No one ever wants to have to deal with selling a family member’s property after they have passed away. But, the reality is that selling inherited property is a necessary thing for many people to do after a death.
We won’t get into the details of how property is inherited in Louisiana. Instead, our focus is the basic information and you’ll need before you put that house on the market.
Judgment of Possession
The probate of a will, known as succession in Louisiana, allows the property to be transferred to the heirs/new owners. This is done via a Judgement of Possession, which transfers title from the deceased to the heirs. Every person listed as an owner on the Judgment of Possession must sign the listing agreement and disclosures or appoint a Power of Attorney.
Disclosures
Although you may not have ever lived in the property, Louisiana law requires you to complete a property disclosure form. Don’t freak out. There are options for “not known” in answer to the various questions. Some of the information is public record and your agent can assist you in finding it, while other information may be found in household receipts and records (for example: when was the roof replaced).
Timeline
Until there is a judgment of possession, heirs do not have the authority to sell a property. It’s important to deal with the succession as soon as possible after a death. You can get a real estate expert to guide you through the whole process of selling the property once the decision has been made.
We have seen folks selling an inherited property in Louisiana delay handling a succession only to have yet another family member die. If they were an heir to the property in question, there are now TWO successions that must be handled before the property can be sold.
We’ve also seen people list the property for sale without a judgment of possession, only to find out later that there are additional heirs – who may or may not want to sell.
The bottom line? Get the succession done as quickly as possible if selling is your goal.
*** Note: this is not to be considered legal advice. As with all legal matters, consult your attorney ***
