What You Need to Know About Inheriting Real Estate in Florida
Inheriting real estate may seem like a dream come true, but the reality can be quite different, especially if the property is old and in disrepair. The responsibilities that come with this gift can be overwhelming and burdensome, both emotionally and financially. Although your loved one or close friend may have had good intentions, inheriting property in this way can be unwanted. As such, it's crucial to understand important information about inheriting real estate in Florida if you find yourself in this situation. Financial Responsibility If you've inherited real estate in Florida , it's important to be aware of your financial responsibilities. As the recipient of the inheritance, you are responsible for any outstanding debts and liens associated with the property, as well as its upkeep. If the property is a rental investment, you may also take on the role of landlord, with additional responsibilities and demands on your time. This also means you'll be responsible ...