Inheriting a property isn’t always a windfall—as Hollywood likes to depict. In reality, when you inherit a property, the grief from the loss is still fresh on your mind, and it’s likely you have no idea what you’re supposed to do with the inherited property.
After you inherit a property, you need to be aware of the options you have. And if you wish to sell a house fast in Lee County after inheriting it, you need to know the tax implications, costs, etc. before you finalize a sale.
Getting Started
First, answer this question: How did you inherit this property? The answer will determine what kind of property it is. There are three kinds of inherited properties:
- Inherited by trust
- Inherited by deed: The person who inherits the home co-owns it with another family member.
- Inherited by will: The new owner must complete the probate process.
Probate
Probate is when a judge declares that someone not on the deed is the owner of the property. In other words, the name on the house’s title is officially changed. This process takes longer if the former property owner passed away recently.
If you’re thinking “I need to sell my house fast in Lee County,” you should make sure the title is clear first; there may be liens against it, either from the IRS or private creditors.
Creditors
Under Florida law, all creditors who have liens against the property must be notified of the ownership change. Therefore, the court will publish information about the property ownership transfer in the local paper. Then the creditors will have four months to update their liens. If you want to avoid all this hassle, get the liens taken care of right when you inherit the property.
Multiple Heirs
It’s common for many people to inherit a house from one person. In such a case, all heirs must be equally responsible for anything concerning the property, including liens, income, mortgages, homeowner’s insurance, property taxes, and maintenance/repair costs. Selling the property quickly in this situation is unlikely, as there’s a good chance disagreements will elongate or prevent a sale.
Taxes
Don’t forget the taxes you must pay after the sale. If you profited from the sale, this profit will be taxed as capital gains. But thanks to a specific Florida property law, you don’t need to pay capital gains tax on the amount the home has gone up since the original owner purchased it.
Many think that waiting to sell an inherited property is a surefire way to get a high price, but such isn’t the case. In truth, the longer you wait, the more challenging selling becomes. So, before the repairs and maintenance bankrupt you, sell your inherited home for cash. This can be affordable and hassle-free if you work with the right people.
Florida Sell Now is a leading cash home buyer in Lee County. We buy houses as is, and if you sell to us you avoid realtor fees and commissions. Reach out to us to get a fair offer on your inherited Lee County home!
