Inherited A Property?
Inheriting a property from a parent or family member is an emotional experience. The last thing that you want to deal with at the time of your loss is to take care of the property side of things. Around 70% of people who have inherited a property do not want to live in them. So, if your parents left you a decent property into your name, then don’t fret and decide immediately. While inheriting a property is a gift, it can also be a burden as there are many paperwork and tax implications involved not only in transferring the title of the property but also in selling it. One great option may be to sell without a Realtor to cash home buyers. It is a much more efficient and effective way to move on from an inherited property as quickly as possible.
Probate is the process wherein the will of your deceased parents or family members are examined and the transfer of the estate is done to the beneficiaries after. In the absence of a will or if the will is being contested, the properties of the deceased will still undergo probate, but the process will take a longer time. It takes about 6 to 8 weeks for the probate to arrive and the finalized issue of the inheritance can take 3 to 6 months to occur. On a side note, selling a home on probate? Ask us at 1-916-287-1939 for a customized answer.
We Buy Houses at SellQuickCalifornia.com
Paperwork Involved When You Inherited A Property
Disputes over inheritance can cause a problem, thats why it is important to sell a house fast in California. This is especially true if it is a shared inheritance (i.e. parents giving part of their properties to their three children). Even if you completely trust your other family members, things can still turn sour. Remember that properties still have a mortgage and once you receive your inheritance, you will be the one to make payments on the mortgage unless, of course, you sell it. But if you decide to keep the property, register the property to your name through the help of a solicitor to avoid any problems.
Capital Gains Tax
One of the disadvantages if you inherited a property is that you have to pay the capital gains tax. Capital gains tax is payable based on whether your property has increased in its value the time when you inherited and sold it. To learn more about capital gains, make sure that you talk to an accountant who specializes in matters of inheritance. If you do not have this money, get cash for your home by selling your house on probate.
You need to pay inheritance tax on your property. This is often taken when you sell the property. Part of the proceeds will be due to inheritance tax. It needs to be paid within 6 months of an individual’s death or you will be charged with interest aside from the tax amount that you have to pay.
Understanding inheritance and its complicated process can be very daunting. It is not every day that you have to deal with this situation. Talking to someone who knows about these things is the best thing that you can do to handle the situation. Find a chartered surveyor to help assess the inherited property. It is also important to hire a lawyer to help you with issues regarding shared inheritance. By seeking help, it will be easier for you to decide on what you need to do with the property.
Should You Stay or Sell?
Now that you know this information, it is high time that you decide on what you need to do. Should you sell the property, live in it, or have it rented out? The answer largely depends on you. If you inherited a property and you have an emotional attachment to it, maybe selling it and relocating to another place is not such a good idea. Assess your expectations so that you know what you need to do with the property and how much time you need to decide. But, one thing is for sure, we can help you on the special circumstance of selling a house on probate. Selling a home in a bad neighborhood? Call us!