I have inherited a home in Pennsylvania from my mother and I do not know what all fees and costs will be associated with it. The Executor for the estate
isn't able to advise me on this because he became the District Attorney after she passed away, and technically the District Attorneys in PA have to stop all private practice. However, since she was dead when he became DA, the Commonwealth grandfathered this case for him. The only things left to be done were associated with the disposition of her real property, two houses - one my sister lives in, one I lived in with my mother at the end of her life, and still live in.
My grandparents bought the home in 1941; its only mortgage was satisfied in either the '40s or '50s. My mother inherited it from her father when he died in 1989.
My mother died in Jan. 2007, but the Commonwealth had a lien against her estate until Feb. 27, 2012, via the Estate Recovery program of the Dept. of Public Welfare.
The Commonwealth lifted its lien on my property on March 2, 2011. But, in my mother's will, which I wrote, my inheritance of this residence was contingent upon my sister's inheritance of her home. The estate had to be declared insolvent for my sister to keep her home, and that was declared on Feb 27, 2012. So, I was not free and clear to inherit this property until Feb. 27 of this year.
I already know that there are property taxes to be paid. There is a bill for trash service that also needs to be paid. I will need to pay a deed fee of $50.50 and Inheritance Taxes of 4.5% of the assessed value of the home.
What I DON'T know is, are there other expenses than the ones I have listed above? I have never owned a home before and certainly never inherited one, so I do not know what all fees are associated with it.
Since the deed has been in the family since 1941, do I need a clear title search or anything else concerning the deed?
Also, the law says that, normally, I would have had 9 months from the date of death to pay the inheritance taxes, but since the Commonwealth held a lien on the properties, we did not know if we were even inheriting the properties, or who would inherit what, so do I have 9 months from Feb. 27, 2012, or does it need to be done more quickly?
Any information would be helpful. I have provided a lot of specific information, but I think what I need to know is generally, what other costs than the ones I know about should there be? Thanks!