Is This Your Situation: I Just Inherited a House

On the surface, inheriting a house sounds like a great deal. Read on to get a list of all the things you need to consider as an heir to a property...

 

 

Property as an inheritance is commonplace across the country. Your parent or other elderly family member may have left you a home or a piece of land in their will. Now that you have possession of the place what are the right steps to ensure that everything is properly taken care of? 

• Talk to a tax professional. 

The best thing you can do is learn about the tax issues that come along with taking possession of the home. You may owe property tax or inheritance taxes. If you decide to lease the property to someone else, the rental payments will influence your income taxes. A professional can help you understand important tax details. 

• Is the house paid for or did you inherit a mortgage? 

There will be significant differences in the legal implications if the home has a mortgage. If you’re related, chances are you will be able to assume the mortgage, but if you inherit a house from an individual to whom you’re not related there are multiple steps that need to be taken. 

• Talk to family members about your sale options. 

The death of a loved one can be intensely stressful and emotions sometimes get the better of people involved. About the only way to avoid sibling rivalry is to be an only child. If you have siblings, I can help you keep the peace by discussing all your options. I can give you comparable sales to help estimate the property’s value so you can come up with a fair buyout price or sales price. I can refer you to a real estate attorney who can discuss ways to share ownership, too.

• Check and Modify Who is on Title (Deed).

Before you can sell a home you have to be on title in order to ensure that you actually own the property. This gets complicated when their are multiple people inheriting a single home. Going through probate is one of the cleanest ways to resolve estate sale home inheritance. Don't just assume a will is enough to put a home up for sale. If you have questions about this process and would like to know more I can put you in touch with title insurance professionals who can help you.

• Have the house thoroughly inspected.

Weather you plan to sell or you plan to live in the home it is important to get it inspected. You wouldn’t buy a home without an inspection, so don’t automatically assume the risk of a family home without the same protection. You may find it needs major repairs and it’s easier to sell the home and buy something in better shape. You also may want to know as much as you can about the structure and systems in the property as possible in a pre sale inspection in order to attract the most buyers if you plan to sell. Most saavy buyers will think twice before putting an offer on a home in which the condition is unknown.

For more information on the next steps after you inherit a house, contact me today.

Modified by: Theresa Tscheschke Gunal to reflect Colorado local Real Estate ; Used courtesy of Jason McKeon, Home Actions, LLC