Inherited a House? How to Transfer a Property Deed From a Deceased Relative

How to Transfer a Property Deed From a Deceased Relative

Selling inherited property? Often, people who have inherited property already have a house or live too far away from it and are wondering how to transfer a property deed from a deceased relative.

You might also deal with legal problems before selling the inherited property or have to consider tax implications.

Capital Gains

Let’s remove one source of stress for you right now. When you sell an inherited property you don’t pay income tax on that money. You pay the much lower capital gains tax.

While you should set aside some money to account for taxes, in general, tax concerns should not stop you from selling your inherited home.

Property Taxes

You’ll only have to worry about federal and state taxes on the sale of your home once.

However, if you decide to keep the home (by becoming a landlord) then you pay property taxes on the home. Some landlords build that into their rent. However, keep in mind that becoming a landlord does come with its share of headaches.

Difficult Relatives

They won’t do it because they’re malicious. They’ll just have legal rights.

Sometimes estates get complicated, and when multiple parties all own a share of an inherited asset, selling it may be the only fair way to make sure everyone gets what they’re entitled to.

However, this may mean there are disagreements about which offers to accept, how much money to ask for and other factors. At Big State Home Buyers we’ve helped families navigate these situations so the sale doesn’t drag on for months.

Selling Deceased Parents Home

When selling a deceased parents home, verify that the executor of the parents will has the power over the real estate. If this isn’t the case, then the other beneficiaries of the estate are able sell the real estate without the executor’s consent.

If you had a close relationship with the deceased, you’re not just selling your home–you’re selling memories. Selling the home becomes another challenging step in saying goodbye.

Get advice from outside experts and make sure you feel confident with your decisions.

House Payments

If you inherit a house, you also “inherit” all the costs of maintaining the house. Maintaining HOA fees, basic maintenance, insurance and any payments owed. Inheriting a house can be a blessing… But it can become a financial drain.

Sit down with your family and evaluate expenses before deciding whether or not a traditional MLS sale is right for you and your family.

How to Transfer a Property Deed From a Deceased Relative

The process for transferring a property deed from a deceased relative varies depending on whether or not the deceased had a will. Start by using the deceased person’s deed (that shows ownership transferring to them).  The deed determines how to the property ownership can be transferred depending on their ownership right.

Selling Inherited Property: Another Solution

If you want to sell your inherited house to an investor, do everything you can to investigate the investor’s reputation. Don’t take the first low ball offer you get and assume it’s the very best an investor can do.

Don’t simply Google “Houston investors” and take whatever comes up. Take the time to read reviews and investigate websites.

Call and ask some questions. See who offers advice freely, and who pressures you towards a sale. Look for professionalism, and you’ll gain an ally who will make the process as painless as possible.

How useful was this article? Rate it!!
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...