Inheriting a property you’re not interested in keeping can be a burden on you. You may have your reason for not wanting to keep inheritances which is valid. However, the process of selling an inherited property can be overwhelming especially when there are multiple owners. If you’ll be inheriting a property, below are some questions to ask if you’ll be planning on selling the property:
Can You Sell Inherited Property?
An inherited property can be sold however there are certain things to be considered. You cannot sell an inherited property until ownership has been transferred to you during the probate process. The house will still need to be maintained and utility and property taxes still need to be managed during the probate process.
The process of selling an inherited property is a long one especially if there are multiple beneficiaries in the Will. These beneficiaries must agree on how to go about the sale of the house. Let’s consider this in more detail.
What Types of Property Can Be Inherited?
Is real estate the only property that can be inherited? No, several types of properties can be inherited including:
- Money, bank accounts, investment accounts
- Investment assets, such as stocks or bonds
- Intellectual property including copyrights or patents
- Personal or “unproductive” property which includes personal belongings (furniture, clothing, jewelry, cars, etc.)
- Real estate, land, commercial buildings
When Can You Sell an Inherited Property?
An inherited property can be sold after ownership has been transferred. In a situation where there are multiple beneficiaries in the Will, the beneficiaries have to come to a unanimous decision to sell the house and divide the income. After the agreement, the process of the sale of the house can be set in motion. In some cases, an inherited property can get sold before the end of the probate process. This can happen if the owner didn’t leave a Will behind or if there are outstanding debts that need to be cleared.
What Happens If I Sell Property That I Have Inherited?
If you sell an inherited property, it may attract taxes such as capital gain taxes. You’d be required to pay tax on the difference between the property value at the time of inheritance and the value of the property at the time of sale.
There are other responsibilities associated with selling an inherited property apart from paying taxes. The person who inherits the property is expected to take care of the property, clean out the property and ensure regular maintenance of the property.
Conclusion
The process of selling an inherited property can be challenging which is why you must find a buyer who is ready to buy immediately. Your best option is to sell to a cash house buyer. A cash house buyer will buy your house fast and get off the market in record time.
Are you in search of the best cash home buyers Las Vegas? We at Alex Buys Vegas Houses are your best option. We buy houses in Las Vegas as-is at the best price. We begin the process of sale as soon as you accept our offer for your house. When you work with us, you don’t have to pay any fee for repair or contingencies.
Contact us today to get started!