Q. What DATA is needed from our OLDER Generation?
1. What address should be claimed (City / Street / Number)?
2. Who was the owner?
3. How am I related to the previous OWNER?
4. Can you briefly describe the property?
5. Until when Owneres lived in the property?
Q. Could you please define the claiming Process at Legacy? What are the essential things we should know?
A. The first thing the client must know is the exact address of the property. Without this there is no way to even start the analysis.
Q. Is having the address of the property enough?
A. Absolutely not. We will have to work with a local advocate in Poland in order to find necessary information; for example, the registration number of the property.
Q. OK, the property has been found and all registration numbers identified. What's next?
A. Upon identification of the property it is essential to analyze its legal status. During such analysis we normally:
1. Order documents from the Land and Mortgage (L&M) archives
2. Check the registered documentation
3. Check the legal registration of the property (all registrations from the past up to the present time)
4. Provide the client with a summarized legal opinion
Q. What should be expected as a result of such a legal opinion?
A. Whether it is worth continuing with the process or not.
Q. Can you provide us with an example of each instance?
A. We will proceed if there is a continuation in the names registered as owners of the property; for example, if your name is Greenberg, and in the past there was a Greenberg as an owner, and the same name still appears as an owner today. We will not continue if the name that is claimed to have been an owner in the past is not listed as the registered owner in the L&M files.
Q. Which documentation or data will we need in order to start the inheritance procedure?
A. Inheritance procedures must be conducted in the same country where the property is situated, and a major factor is defining which are the necessary documents. The following documents should be considered as the minimum that are required:
Birth certificates / death certificates / marriage certificates.
Our purpose is to probe in court the linkage between the claimant and the original registered owner.
Q. Once we have successfully completed the inheritance procedure, what is next? Is the claimant now the owner?
A. The next step is to apply to the court and ask for permission to enter a claimant who has now become an heir into the registered L&M document.
Following successful registration, there are two options. The new owner can now either start collecting rent or he can sell the property.
Q. What is recommended?
A. Absolutely – sell. It is not easy to manage a property with tenants from far away without close contact to your Real estate assets.
Q. What is the time span for the procedures described?
A. Phase 1 – search and analysis – 3-4 months
Phase 2 – inheritance procedure – up to 24 months
Phase 3 – Property registration in Land and Mortgage – 2-3 months
Phase 4 – Selling – always depends on the market situation