Buying Out Heirs By Refinancing An Inherited Property in Columbus In addition to the emotional strain of losing someone you love, inheriting their home can be an extremely stressful time, especially if there are multiple heirs involved. In order to take full possession of the property, you’ll have to buy them out. The best way to do this is to refinance the home. Inheritance rules are often more flexible where spouses and children are concerned thanks to what is called the “due-on-sale” clause that requires paying the loan in full should it be transferred to a different or new owner. To refinance an inherited home and buy out the heirs, you can follow these steps: ● review the estate plan in order to estimate how much each heir should receive ● discuss the matter with the other heirs to avoid arguments and disputes ● transfer the mortgage deed and assume the monthly mortgage payments ● review the due-on-sale clause ● calculate the terms for refinancing so you have an idea of the interest rate, monthly payment amount, and payment schedule ● complete the refinancing process and pay off each heir If you’re thinking about a cash-out refinance, be sure you speak with several lenders so you can comparison shop and find the best refinancing deal possible. Liberty Capital Services LLC 438 E Wilson Bridge Rd #106, Columbus, OH 43085 https://maps.google.com/?cid=14294939209836226766