What to do if my father owns a condo that I am the sole inheritor of but it is not paid for and when I inherit it, I cannot rent it?

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What to do if my father owns a condo that I am the sole inheritor of but it is not paid for and when I inherit it, I cannot rent it?

This leaves me with a house payment, association fees and taxes on this unit until it can be sold. Can I give the condo back to the bank or can it hold me responsible for paying off the balance?

Asked on March 26, 2013 under Estate Planning, Wisconsin

Answers:

Victor Waid / Law Office of Victor Waid

Answered 8 years ago | Contributor

You can list the real property with a real estate agent to sell for you, or you can allow the bank to foreclose on the property when your father dies, and not make claim to the residence, unless you plan selling; in which case you will need to file a short petition into probate court based on affidavit you are entitled to inherit, identifying yourself as the sole heir, providing a certified death certificate, and if no opposition, then the court can award you the property. Obtain the services of a probate lawyer to assist you, if you plan on taking title to sell the property.


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