Updated over 3 years ago on .
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Inherited home questions
Hello BP community. I'm looking for some help. I recently inherited a house in Hilton Head after my mother passed away. I have a 1/5th stake in it. We have a great interest rate currently but one maybe two of the beneficiaries wants to sell their portion and the others would like to keep the house and rent it. My questions are these...
1. Does anyone know if we would need to refinance the property if one person decided to sell their portion?
2. I have mentioned about getting a real estate attorney to draw up a partnership agreement for the ones that want to rent.
3. What are the tax implications for anyone wanting to sell their portion?
4. For the ones that keep the property, how could the property be leveraged to buy additional real estate without doing a cash out refi. ?
5. Anything else that I may not have thought of?
Appreciate your time and input.
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@Tim Boeving a good real estate attorney could answer all of that and advise you how to handle the situation. Otherwise, unless an actual attorney comments on here, you never know if other peoples legal advise is correct or not.
or you could just sell it to me to make it easier :)