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Updated 7 months ago on . Most recent reply

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Jason Jacob
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Inheritance of properties

Jason Jacob
Posted

We need 22000 to pay property taxes on property left to my girlfriend by her father. Anyone know a way to get a loan to pay the taxes? If we get the 22000, we have access to 6 properties we will sell.

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James Mc Ree
  • Rental Property Investor
  • Malvern, PA
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James Mc Ree
  • Rental Property Investor
  • Malvern, PA
Replied

It is the estate's responsibility to pay the tax, not your girlfriend. She can't get the property until it is paid, but the law does create a liability on the heir. Set this aside.

You wrote your end state goal is to sell the properties, meaning you want cash not the properties. A much better approach is for the executor to directly sell the properties out of the estate.

The taxes will be paid at settlement and your girlfriend will receive the proceeds. The estate may require your girlfriend to sign a doc to agree to accept cash in lieu of the properties. This approach is faster, cheaper (no double transactions) and no one has to come up with cash.

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