The Real Estate Encyclopedia
Alabama Land For Sale-Hiership And Getting A Deal
Category - Real Estate Information Sources - Real Estate Articles

If you are looking to buy Alabama land for sale, donít overlook a great way to get a deal on your new land. If you are in the market for a piece of land in Alabama and you are not in a hurry or for some other reason like 1031 time constraints have to make your purchase in a short time frame think about heir property to find a great deal on a land tract.

 

If you donít know what heir property is, itís when a land owner lets say George Smith dies in 1930 and was married and had 10 children, when he died his land became joint property of his wife and all his kids and this assumes he left now will. In most states this would break down with his wife owning half the land and the kids owning equally the other half. If George Smith had 20 acres then Mrs. Smith gets 10 acres and each child would get 1 acre.

 

Since we now know the break down what does this have to do with Alabama land for sale and that deal I told you about. In heirship property cases someone has to be the lead person to gather information for you and naturally one of the kids would be best. In this article we are going to make a few assumptions like none of Georgeís 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 10 children we can now move to the process of how to clear the title for you real estate closing.

 

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 still have to publish in your local paper looking for any possible additional heirs that no one knows about (illegitimate heirs) they most certainly can pop up.

 

Once you have all your information for your Alabama land for sale and you have published in your local paper and remember the paper must be in the county the land is in, 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 you deal.

 

If you are still wandering where the deal come in on the price here it is, in my twenty years of buying and selling Alabama 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 buy Alabama land for sale.

 



References


External Links
www.alabamalandsource.com
www.louisianalandsource.com
www.texaslandsource.com
www.mississippilandsource.com


 
 
Category(s)
Real Estate Information Sources - Real Estate Articles
[edit]
Home   |   About Us   |   Contact Us   |   Patrons   |   FAQ's   |   Site Map
© 2008 - All Rights Reserved.
Thank you for visiting Real Estate Wiki - the leading dictionary, directory, encyclopedia and glossary for the real estate and mortgage industries .