Have you recently inherited a property that you want nothing to do with? It may be in an area that you don’t desire to move to. It may be too big to live in comfortably or too small for the needs of your family. Whatever the reason may be, if you don’t want it, there are ways to get rid of it quickly.
Use a Quitclaim Deed to Transfer the Property
One of the quickest and easiest ways to get rid of a property you don’t want is to transfer it to someone else. You can do this by making use of a quitclaim deed. This is the official state legal document that will allow you to transfer your property to a friend, family member, nonprofit organization, or company.
A quitclaim deed will enable you to sign off of any responsibility for the physical or financial upkeep of a property that you have inherited. This allows you to get the property off your hands in a safe and fully legitimate manner. It enables you to quickly quit the property so that you can move on to your new one.
Keep in mind that, under the terms of a quitclaim deal, no amount of money will change hands. There will also be no title search for the purpose of verifying ownership of the property. Finally, you should know that no title insurance will be issued on this occasion. The arrangement enables you to transfer your home with no warranty.
Sell the Property to Cash Home Buyers
Another quick and easy way to get rid of a home that you don’t want is to sell it to cash home buyers in San Antonio or wherever your property is located. This will enable you to get the best possible deal for your home without having to go through the potentially tedious and costly process of a normal agency sale. If you need to get away fast, this will be your best option.
A cash home buyer will come to your home in order to give it a quick evaluation. After this initial inspection is complete, they will offer you a cash buyout. If you choose to accept this offer, the deal can be closed at a local title office. You will then be given the cash. This leaves you free and clear to move on to your new home.
This cash home buyout arrangement gives you a number of key advantages. To begin with, it frees you immediately from having to pay property taxes, mortgage payments, or any other liens on the property. The second you accept the deal, turn over the title, and grab the cash, you are off the hook. This is the freedom you can take right to the bank.
Donate the Property to a Local Charity
If you don’t want to live on the property and don’t care to be responsible for it, you may wish to consider donating it. There are plenty of local charities who would be very happy to take it off of your hands. This puts you in an excellent position to claim a potentially lucrative deduction on your next year’s taxes.
You can simply itemize the deduction on your IRS federal tax return. This will allow you to claim the official deduction for the full market value of the home. This full market value will represent the price that it would sell for under normal market conditions. You can thus get a major break on your taxes without incurring costs.
This will require an appraisal by a professional home evaluator in your area. You will need to file Form 8283 to claim this deduction. This will cover a donated property with a value of over $5,000. Once you do this, the property will be off your hands.
The Time to Offload Your Home is Now
You may need to move quickly to take advantage of a job offer. You may have suffered a loss in your family that makes your present home too big or too painful to live in. No matter what the reason may be, you have a wide range of great choices in front of you. The time for you to take full advantage of all of your home selling options is now.