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For probate court purposes, how do I account for a 100K parcel of real estate that has a 80K mortgage on it?
Cleveland, OH
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Posted 7 months ago in Probate
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Ohio - decedent owned real estate, but most of its value is still tied up by a mortgage. On the list of assets for the court, how do I account for this? Is it still listed as a 100K asset despite the mortgage?
Answers (1)
Justin Jay Watling
This attorney is licensed in Ohio.
Posted 3 months ago.
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The real estate must be listed at full appraised value. Some counties permit the use of the County Auditor's fair market value without requiring an appraisal. In either case, the real estate is to be listed at gross value not its value net of liens.
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