If you are thinking about selling your inherited property, you might be wondering, “Is there a holding period before selling my inherited home?” This article will answer that question and you might be surprised at what you learn…
If you’ve inherited a property, you might now be wondering what to do with that property. And if you’re thinking about selling it then you’re probably wondering, “Is there a holding period before selling my inherited home?”
Great question. There are a few things you should know in order to answer the question…
Is There A Holding Period Before Selling My Inherited Home
Probate Versus Inheritance
In general, an inherited property is what you get when someone passes away and leaves you their property. Probate is a stage along the way – it’s the step of proving the will and making sure that the right heir gets the right inherited property.
Therefore, if someone leaves you a home and the house is in probate, you might not be able to sell it right away because the will is still being proved and there could be other heirs contesting the will.
However, if probate is complete and you fully own the inherited house, then you can likely sell without waiting.
There Is A Holding Period (But Not What You Think)
There is a holding period with inherited homes but the holding period doesn’t mean you can’t sell… it’s simply a term used to describe how you will be taxed on the property – and it depends on when the deceased passed away.
However, in most cases, this won’t prevent you from selling the property but you should talk to an accountant to see if the holding period will impact how much tax you pay.
There May Be Other Factors
While there isn’t likely going to be a holding period on the inherited house itself that will prevent you from selling it, you should be aware that there could be other holding periods that will make it more challenging to sell – such as if the house still has a mortgage or some other obligation. But in many cases, these can be sorted out and, in the long-term, shouldn’t keep you from selling.
So, if you inherited a house and are now thinking about selling it, and if you’re wondering, “Is there a holding period before selling my inherited home?” then here’s the good news: You probably don’t have to wait to sell and you can get that process going right away. However, be aware that there could be other factors that may delay the sale, or that could impact the tax you’ll have to pay when you sell.
In Texas, there are ways to shorten or avoid the probate process and transfer real estate to the rightful heirs. There are several factors that come into play. Like the size of the estate, if the deceased had a will, was the property the homestead of the person who passed, and what are the relationships of the heirs to the deceased person.
When a person dies without a will, and their estate consists mainly of real property that they own, Texan’s can often file an Affidavit of Heirship to identify the heirs of the deceased. Often, title companies will accept an Affidavit of Heirship to prove the chain of title for the real property, which is important for any real estate transaction – especially the sale of inherited property.
Here’s a fast solution for you: If you want to sell your inherited house as quickly as possible, give us a call! We’ll give you a fair, fast all-cash offer to buy your inherited house as-is.
Ready to sell fast in Wichita Falls? We’re ready to make you an offer right away. Just click this link and fill out the form or call our office at (940) 283-0737.
PS – We are not estate planners or experts. Please consult trusted legal and estate experts to fully understand the laws and guidelines related to the disposition of estate asses.