Have you inherited a house? Yet, you are having problems with the transaction going smoothly. Many have said that an inherited house is uneasy to sell, especially if not yet transferred under your name. There are legal and financial considerations when selling a house you inherited.
What are the legal and financial considerations in selling an inherited property smoothly?
What are inherited properties?
Inheritance is an asset that a person bequeaths from their family members after they pass away. These inheritance asses can be in different forms, such as:
- Cash
- Investments
- Land properties and more
Some inherited properties aside from those mentioned are:
- stocks or bonds
- other assets (automobiles, antiques, and more)
These are only a few of the assets that fall under inheritance. So, it has sentimental values that make it more pricey when sold. Land properties or real estate properties are mostly common inheritances received from family members, like parents and ancestors. Since these properties are from inheritance, there can be chances that they were still not under your name.
So, you might face problems when selling it.
Is it easy to sell an inherited house?
If selling an inherited house is easy in other countries than yours, this is not new. Different states have different laws about heirs. So, it is best to consult a lawyer, an expert in inherited properties.
How can you sell an inherited house?
Inheriting a property is a blessing. But, it brings a host of legal complexities, especially when selling it. If you have inherited a house and are selling it, you must understand the legal process involved.
Settlement of estate between heirs
Reaching an agreement among all heirs is the first step in transferring inherited property. It can be done by executing the Deed of Extrajudicial Settlement of Estate. DESE allows the heirs to distribute the properties without a court trial. Engaging with a lawyer to help prepare the DESE ensures the legality of the settlement. When the deed is ready, a certificate is issued to you validating you as an heir.
Sale of inherited property
You can proceed with selling the inherited house when you already hold the certification, providing you inherited the property. Start to engage with the services of a lawyer for executing the Deed of Sale for the buyer’s assurance, as well.
The Register of Deeds or any department in your state that handles this matter provides the needed documents. If you are familiar with these certificates and they also exist in your state, perhaps you should arrange this when planning to sell an inherited house, such as:
- Deed of Extrajudicial Settlement of Estate
- Deed of Sale
- Owner’s duplicate of the property title
- Affidavit and Certification of Publication
These are all requested by the Register of Deeds to make successful selling of an inherited house.
