A study of residential heirs property is required
What the document says“(1) establishes a comprehensive definition of residential heirs property, or family land inherited without a will or legal documentation of ownership;”
The section requires the Comptroller General to study and report within a year to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services, defining residential heirs property, examining how often it occurs and what it costs owners with an estimate of how many such properties exist, describing the Uniform Partition of Heirs Property Act approved in 2010, detailing the counseling, legal, and financial resources available to owners, and recommending how to reduce the number, including incentives for States that adopt that Act, grants to States and to entities providing counseling and legal help targeted at low- and moderate-income people, and other title clearing and estate planning work.
What the document actually says“(1) establishes a comprehensive definition of residential heirs property, or family land inherited without a will or legal documentation of ownership;”
The report must set out what heirs property means. It is family land passed down with no will. No paper proves who owns it.
Without clear title an owner cannot borrow against the land. They can also lose it in a forced sale. The report must say how to fix that.
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