Q: Is a tenant in common owner entitled to Homestead Ex. benefits transferrable upon inheriting remainder & sale?
My mother recently passed, I had I believe 50% tenant in common ownership our home for about 6 years & resided as my primary residence there for 40, the property was solely hers for 30 some years with Homestead exemption before I was added to added . Upon her passing I inherited the remainder making me 100% owner of the property. The property will be sold & I will acquired a new primary residence with the proceeds. As a tenant in common owner using it as a primary residence prior to inheriting the property, am I entitled to any portion those Homestead exemptions benefits?
A: This is a question for the real estate attorney you have representing you in the transaction. Anyone buying or selling real estate needs to have one because so many things could go wrong, including title issues, tax issues, undiscovered liens, boundary issues, etc., etc.. While I am sure you are using a title company, they cannot give you legal advice.
Anthony M. Avery agrees with this answer
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