What Happens When Someone Passes Away in Your Rental Property
Let's Talk Real Estate Investing with Sharon Vornholt
Release Date: 07/06/2023
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I am often asked what happens to rental property during probate. Specifically, what happens to the rental income during the probate process? In today's show, I'm going to answer these questions as well as some other common questions that pertain to rental properties that are part of an estate, such as, "What happens when the tenant stops paying rent but won't move out"? Learn the ins and outs of how to handle common tenant problems during the probate process. [00:00 - 06:54] What to Do When Rental Income Can't Cover Expenses During Probate The probate process involves a...
info_outlineI have another reader question for you today, and it’s a good one, and it has to do with what happens when someone passes away in your rental property.
The exact question was:
When a tenant passes away in your rental property, and they have a month-to-month lease with no one else on the lease, how long do you give the family to clean out the house? He was there for 15 years and had a lot of stuff. She also goes on to say they inherited the tenant when they bought the house. What a great question.
So, let’s break this down into bite-sized pieces because there are actually a lot of pieces, and some of them are legal issues to address.
[00:01 - 04:19] Opening Segment
• How to navigate probate laws when a tenant passes away in your rental property
- Notify the authorities and get written documentation of the death
• Work with the executor, personal representative, probate attorney, or court to ensure legal compliance
[04:20 - 08:33] Understanding the Process of Handling a Tenant's Estate After Death
• Secure the property as soon as you know that someone has passed away
• Do not allow anyone into the property until you have paperwork that declares the decision maker
• Lease extends to the expiration date, even if the tenant passes away
[08:34 - 11:09] Closing Segment
• Long-term lease requires payment until expiration by the estate
• Any unused portion must be returned to the executor
Resources Mentioned:
Blog: Louisville Gal's Real Estate Blog
Podcast: Let's Talk Real Estate Investing Podcast
FREEBIE: Probate Investing Starter Kit
Probate Course: Probate Investing Simplified Course
Key Quote:
“As a landlord, your number one priority will always be to regain control of the property as soon as possible.” - Sharon Vornholt
WANT TO LEARN MORE?
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Be sure to check out the Louisville Gals Real Estate Blog and my course Probate Investing Simplified.
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