Probate real estate investing involves buying property from probate estates. Probate is the process used to inventory and distribute assets owned by someone who has died. Depending on the complexity of the estate, the probate process can last between six months to three years. During this time the estate is responsible for maintaining the property and paying mortgage payments, utilities and insurance.Probate real estate investing provides an opportunity for estate administrators to sell real estate holdings. This is particularly beneficial for administrators who are struggling to pay mortgage payments or maintain upkeep on property held in probate.The first step of probate real estate investing requires a visit to the local courthouse where probate matters are handled. When an estate is placed into probate it becomes a matter of public record. The majority of information regarding the estate can be located in the decedent’s Last Will and Testament. Typically, the Will designates the estate executor and outlines how the decedent wishes to have their personal belongings and financial assets distributed.If the decedent dies without executing a Will (intestate), probate records will indicate who has been assigned to administer the estate. Generally, this is a direct lineage relative. However, if the decedent has no living relatives or no one accepts the position of estate administrator, the probate court assigns an outsider to manage the estate.Once the Administrator’s contact information is located, the next step requires a search of deed records to locate real estate held in the decedent’s name. Records of Deed record land ownership and transactions. When real estate is transferred or sold, a new deed is recorded. Deed records reveal if the property has a mortgage. If so, the estate is required to maintain payments throughout the duration of probate.If the property has a second mortgage against it, chances are the heirs will need to sell the property in order to pay-off outstanding balances. The estate administrator is authorized to make decisions regarding the sale. However, if multiple heirs exist, they must all agree to sell real estate held in probate. In some instances, the estate may require permission from the probate judge to sell real estate holdings.Upon compiling a list of potential probate real estate deals, investors will need to make contact with the estate executor. This can be done by phone, mail or in person. When contacting the estate administrator it is imperative investors be respectful and offer their sincere condolences.Most estate administrators and beneficiaries are unaware they can liquidate real estate during the probate process. Offering to purchase their property could solve their financial problems and provide investors with instant equity in their investment. Oftentimes, real estate can be purchased well below market value when heirs are in need of immediate cash.Probate real estate investing does not require special training. However, investors who engage in buying probate properties should possess solid communication and negotiation skills, along with a sense of compassion.Investing in probate real estate offers multiple opportunities to obtain profitable deals. While it requires a bit of detective work and negotiating with distraught and grieving heirs, when conducted properly probate real estate deals provide a win-win situation to all parties involved.
Cyprus is unique when it pertains to natural beauty and is endowed with fascinating natural attractions and tourist spots. Cyprus is a best-selling holiday spots, especially for Europeans. This island gets more than 300 days of sunshine, and has a very friendly population that speaks English to a sufficient level to being able to communication with tourists. The Cyprus real estate market has significantly increased since the country became a member of the EU with a lot of international buyers buying second homes on the beautiful island. Cyprus is among the most recommend places to invest in however there are a few reminders to note of before buying Cyprus real estate.During my research to purchase my own villa in Cyprus, there were several things that I had considered before getting my property in Cyprus. You need to realize that purchasing a property from abroad isn’t really simple and you must be organized and have a good plan. The first thing you need to do is to get acquainted with Cyprus real estate.There are many Cyprus realty tips that you need to know prior to buying a property or making an investment in this wonderful country. You need to commit some time to research Cyprus real estate so you will be better prepared for it. Buying real estate anywhere is complicated and confusing especially if you have no prior experience and knowledge and what can be worse is you are in a foreign land. The most crucial thing in real estate purchasing is to get a hold of an experienced and registered real estate agent and an experienced local, English-speaking attorney who is honest, and wants to protect your own interests. This will help you to avoid potential conflicts. You need to also keep in mind a few other important tips in order to get the best real estate locations and property in Cyprus.You must understand everything about mortgages and home purchasing prior to signing any types of documents or contracts. You need to also get an appraisal of the property to be sure you’re not overpaying for it. Talk with a few other real estate companies to make sure you are getting the best price possible.Cyprus Real Estate marketCyprus real estate is growing and increasingly becoming popular. It is essential that you plan ahead for you to get the best rate of the properties as the demand grows; the price of these properties grows as well. This has become especially more evident now that Cyprus has become a member of European Union. Since then, Cyprus is in the top choices for investors and vacationers due to its countless attractions and beauty as well as the endless possibilities in investment returns.The property trends now in Cyprus are on the buyers’ side since the banks are willing to extend credit to those who want to invest in the real estate market.Buying property in CyprusIn Cyprus there are some limitations on non-EU property investors, International buyers from non-EU countries must get a permit from the Council of Ministers prior to continuing with their buy. Additionally, a non-EU citizen may only buy an apartment, or a house or villa which does not surpass 4,014 square meters or is currently under development.The application to buy a property may take between 2 to 3 months, to process and must be accompanied with documents, like a bank statement showing financial stability, a clean criminal record, and a purchase agreement for the property is also required. Since citizens from the European Union and Cypriots have the same rights they are allowed to purchase property freely in Cyprus unlike non EU citizens.Types of Property DeedsThere are two kinds of deeds available in Cyprus that you need to know, freehold and leasehold. The difference is that in the arrangement of a leasehold ownership the buyer will only own the real estate for a set amount of years. Always check with your real estate agent, developer and in the end your solicitor to determine that your property is freehold.Cyprus is really a beautiful destination not just for living, retirement and holiday but also a great place to investment. As a result of this the rush to invest in prize properties and realty are obvious in this country. Remember it is best to get the services of Cyprus realtor so as to avoid all conflicts and to get advice on the right investments that are capable of giving good returns in the future.