Posted on: 24th Mar, 2009 04:05 pm
My father passed away in 2007, he and his heirs were the grantee of a parcel of land in Georgia which has been passed down through generations of our family.
I found the documents and have been holding on to them since his death. When I called the county tax assessor of the county where the property is located I was told that because there was no original title deed, that the property will remain as my father's estate and that I would be in c/o the property tax bill, which I have taken up the payment of the taxes.
Because this is assigned forever in Fee-Simple, how would this be affected by federal tax debts my father owed prior to his death?
Is there something I would need to do to have the deed or something in writing recorded in my name as his heirs or does the rights to this property automatically transfer upon death to my child(ren)?
Is it possible to use this property to aquire a loan to purchase a home in the state where I currently reside?
Please Inform,
Tenaya
I found the documents and have been holding on to them since his death. When I called the county tax assessor of the county where the property is located I was told that because there was no original title deed, that the property will remain as my father's estate and that I would be in c/o the property tax bill, which I have taken up the payment of the taxes.
Because this is assigned forever in Fee-Simple, how would this be affected by federal tax debts my father owed prior to his death?
Is there something I would need to do to have the deed or something in writing recorded in my name as his heirs or does the rights to this property automatically transfer upon death to my child(ren)?
Is it possible to use this property to aquire a loan to purchase a home in the state where I currently reside?
Please Inform,
Tenaya
Hi tenayadew,
A fee simple property gives its owner an absolute right to the property. The owner can do anything he wants with the property like he can possess it or dispose it of to anyone he likes through a will or deed. If he dies without a will, the property descends to the next generation heirs automatically.
If there are outstanding federal taxes, IRS can put tax lien on or levy the property. I think you can mortgage this property to acquire a loan. However this would be subject to the clearance of tax debts and lender's approval.
A fee simple property gives its owner an absolute right to the property. The owner can do anything he wants with the property like he can possess it or dispose it of to anyone he likes through a will or deed. If he dies without a will, the property descends to the next generation heirs automatically.
If there are outstanding federal taxes, IRS can put tax lien on or levy the property. I think you can mortgage this property to acquire a loan. However this would be subject to the clearance of tax debts and lender's approval.