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FAQ

1. What is heir’s property?

Heir’s property is a track of land that is owned tenancy in common, usually by upwards of 25-200 people and in some cases reaching 500-1000 people. All are related by blood or marriage. The property is primarily located in one of the southern states. 1. South Carolina 2. Mississippi 3. Florida 4. Alabama 5. Georgia 6. Louisiana 7. Texas 8. Virginia 9. Arkansas 10. Tennessee 11. North Carolina

2. How did this become heir’s property?

During reconstruction and after the abolishment of slavery, many free African-Americans remained in the south and continued to work fields that they once worked as slaves. But this time they were paid for working and in most cases they were either given a portion of land in return for their labor or they bought their own land. Then what happened next made it heir’s property: the owner of the property dies without a will. Back then it was not uncommon to have large families to work the land-around 8-10 children. As these children moved into adulthood many of them moved to big cities for a better way of life. Almost everyone was “under educated” in their knowledge of the court system and frightened of the courts. So they did not file deeds or make wills this went on for several generations.

3. Who now owns the property?

Everyone has an ownership interest in the property.

4. Who has the right to sell heir’s property?

Everyone had the right to sell. The problem is that you are all tethered together, so in most cases if one sells you all are forced into a sale.

5. Who has the right to live on heir’s property?

Every heir that has an ownership interest in the property has the right to move on to it and that causes a big problem. How can 500 people move on to 5 acres of land in the south where the zoning is 4 units per acre? The answer is: “They can’t.”

6. Who is responsible for paying the taxes?

There is no law on the books which state who is responsible for paying the taxes. But since the property is tenancy in common, it serves to reason that each owner is responsible for paying the taxes. Here is the problem: each owner has a different ownership percentage. So who is to say how much taxes you should be paying? So many heir’s property owners don’t even know they have an ownership interest. In the tax records it will usually read: “Owned by the heir’s of the patriarch of your family”, without listing individual heirs. It’s the position of the tax office that it’s not their responsibility to manage your late great-great grandparent’s affairs.

7. Am I an heir?

There are 68,000 tracks of land in the southern states that is heir’s property. In our experience on average there are about 100 people associated with each track; that’s 6,800,000 people or 1 in every 4 African-Americans in the U.S. that has some sort of ownership in a track of heir’s property. I would say if you are reading this it is because you have family in the south, that own land or that your great grandfather owned a farm in the south that some of your family still lives on. There is a good chance that it’s heir’s property and that you are an heir.

8. What is the property worth?

This is always the million dollar question and there is never an easy answer. Even if you had an appraisal of the property, many times it won’t reflect the properties true value. But as a general rule: property in the country is sold by the acre and is based on road frontage and the lands usability. If it’s just farm land, $2,500-$5,000 per acre, in some cases it can go as low as $900 per acre. Land near resort areas can have a price tag that starts to move up enormously. Our last few deals went for $500,000 and $600,000 per acre. One property sold for $10 million and the other one sold for $4 million.

9. What is my share worth?

This will depend greatly on where you fall on the tree, how many siblings you have and how many siblings did your parents have. I’ve seen heir’s property cases where the share amounts fluctuated between 10% and .005%. What does that mean to you? Well if you owned only 2% interest in the $10 million track, after fees of 22% were taken out of your check, at closing you would receive a check for $156,000.00. If you owned .005%-that amounts to $390.00 and if you owned 10%-then your check would be $780,000.00. A nice inheritance and well worth your attention.

10. What do I do, where do I start and what is the cost?

You have already started. You have found HeirsProperty.com. You can expect to pay 22% of total value or sale of the asset. Your first steps would be to register-which is free. ( Click Here ) To choose one of our programs to begin.

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