In Louisiana, succession property is defined as real estate left by a deceased person that must go through the succession process (aka probate in other states) to have clear title and transfer to the heirs/beneficiaries of the estate. Succession is used to legally gain possession of the property, along with other things the deceased person owned. However, this is all about real estate and you purchasing a property that was acquired through succession.
What info will you receive about a home if it’s a succession sale?
In a normal real estate transaction, a seller has to fill out property disclosures and explain any deficiencies the property may have. When heirs are selling a home via succession that they have not lived in or owned, they are not legally required to fill out property disclosures.
There are times that an heir may have information regarding the home, like the roof age. However, most of the time, these sellers have very minimal to no information. You will rely heavily on property inspections to unearth any home issues.
How long does it take to close on a property if it’s being sold via succession?
This answer can vary. Many times, buying a property from a succession means you can still close in 30-45 days – like you would in a normal transaction. There are some cases where the property must be advertised in the newspaper after receiving a contract and prior to a sale. If this is the case, then it usually takes 60-90 days to close on these homes.
Are there additional fees when purchasing a succession home?
Nope! You will still have title fees to pay with your closing costs. However, there are no extra costs to you.
Normally, what is the condition of a property that is being sold via succession?
Honestly, this varies a lot. We have found many homes that were meticulously maintained. On the flip side, we have found some that are in really bad shape and need full renovations.
What else to know about buying a succession property:
- Because it’s a succession property, family members often put a value on their memories of the home. Meaning that negotiations can get tough. This is a case-by-case situation, but we have seen it many times.
- Heirs, oftentimes, do not have the capacity to make repairs. We prep our homebuyers that any information we find during inspections may lead to a price reduction or credit, but not to bank on a seller making repairs.
- It doesn’t matter if the person died in the house or not – Louisiana does not require this information to be disclosed.
If you’re looking to find your next home in New Orleans, don’t let hearing the word “succession” scare you off. We have sold many succession properties, and it’s not much different than buying any other home. We have great home inspectors to recommend and will help you figure out as much as we can about the home you love!
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