If I inherited a house with a mortgage, what happens whenI want to sell?
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If I inherited a house with a mortgage, what happens whenI want to sell?
My husband passed away recently. The house was in both of our names and now it is in my name alone. The mortgage is in my late husband’s name and I am still paying the mortgage every month. If I want to sell home can I sell it?
Asked on December 25, 2011 under Real Estate Law, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the home that you inherited from your late husband has a mortgage that you are paying the monthly debt load upon and you want to sell it, the mortgage ends up getting paid off at close of escrow typically when the buyer gets title placed in his or her name.
Assuming you list the property for sale and enter into contract to sell it, there should be a formal escrow set up where you will receive a preliminary closing statement (and final closing statement) where you will see how the money for the sale will be distributed as far as assorted closing costs, liens, accrued property taxes and the like.
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