If you’re thinking of selling your property, you may be wondering if there’s a holding period before you can sell the property you’ve inherited. You’ll find the answers to your questions in this article, and you may be surprised to learn a few things…
If you’ve inherited a property, you may be wondering what to do with it. If you’re thinking of selling it, then you’re probably wondering if there’s a holding period before you can sell it.
That’s an excellent question. Here are a few things you need to understand to be able to answer them.
Is there a holding period before I can sell the house I inherited?
Homologation VS Heritage
Generally speaking, inherited property is what you receive when someone dies and bequeaths their property to you. Probate is the process of proving that the will designates you as the rightful heir to the property.
So, if someone leaves you a house and it’s in probate, you may not be able to sell it without further delay, since the will hasn’t yet been approved and there may be other heirs vying for your inheritance.
If, on the other hand, the probate process has been completed and you are the sole heir to the property, you could most likely sell without immediately.
There’s a holding period (but it’s not what you think)
There is a holding period when you inherit a property, but that doesn’t mean you can’t sell it. On the contrary, it’s simply a term used to calculate taxes, which vary depending on when the former owner died.
In most cases, this will not prevent you from selling the property, but you should discuss with your accountant the impact of the retention period on the taxes you will pay.
Other factors may also need to be taken into account
While it’s unlikely that a hold period on the house will prevent you from selling it, it could be that other delays will have a greater impact on your sale project, such as a mortgage that hasn’t been fully paid off or any other obligation. In most cases, however, these obstacles can be avoided relatively easily and should not prevent you from selling in the long term.
In short, if you’ve inherited a property and you’re wondering if there’s a holding period before you can sell it, the good news is: You probably don’t have to wait for anything before you can sell, and you can get started right away! However, it’s important to remember that there are other factors that could slow down the process or increase the amount of taxes to be paid at the time of sale.
Fortunately, we have a quick and easy solution for you: If you want to sell an inherited home as quickly as possible, give us a call! We’ll quickly make you a fair offer and buy your inherited home as is, for cash.
