Happy Friday! 🌤 In today’s video, attorney Brian Rich, a local Real Estate Law specialist. provides some helpful guidance about how to turn an inherited home into a rental home. Remember that filling out a few pages of simple paperwork could save you a lot of money and headache in the long run.
📝How to handle turning an inherited property into a rental:
👉 Make sure to notify the municipality, so that that they know the home no longer qualifies for the principal residence exemption
👉 Check your HOA bylaws concerning personal use and rental use to make sure that you are able to rent the property
👉Check the terms of the mortgage
🚫If you forget to notify the municipality, you may face reassessment issues that could be VERY expensive 💵
For more information, about how to avoid these issues with your real estate, contact Brian Rich of RichLaw, PLLC. RichLaw, PLLC also has Estate Planning and Probate Law expertise.
RichLaw, PLLC
Brian Rich - Real Estate Law
Theresa Rich - Estate Planning and Probate Law
248.788.3442
brich@richcounsel.com
Tracy Wick
tracy@seamlesslysold.com
(248) 912-7407
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