If you are thinking about selling your inherited property, you might be wondering, “Is there a holding period before selling my inherited property?” This article will answer that question and you might be surprised at what you learn…
If you’ve inherited a property, including a lot or larger piece of land, 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 lot?”
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 Property
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 lot or piece of land and the property 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 lot, then you can likely sell without waiting.
It is also important to remember that in Texas, whether or not there is a will, intestate suggestion may be an option for inheriting a property. This process can often be completed without having to go through probate, and with the help of affidavits of heirship.
There Is A Holding Period (But Not What You Think)
There is a holding period with inherited properties 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 lot 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 lot still has a mortgage or some other obligation, including a tax lien. 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 lot and are now thinking about selling it, and if you’re wondering, “Is there a holding period before selling my inherited land?” 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.
What if there are multiple heirs?
Selling a property with multiple heirs involved doesn’t have to be as complicated as it sounds. For most heirs, selling the decedent’s real estate is challenging and emotional due to losing a close family member, friend, and often a parent, in addition to the memories and attachment to the property itself.
While there will be challenges, working with professionals helps make the process easier for everyone involved. When it is time to sell an inherited property in Houston, and many heirs are involved, let the experts at 1800LOTS.com help make it easy. If you would rather pay for the convenience of moving on with your own life, 1800LOTS.com will work with you to reach a fair agreement. The team at 1800LOTS.com has experience working with title companies to sort through complicated inheritances with many heirs. Here’s a fast solution for you: If you want to sell your inherited lot as quickly as possible, give us a call! We’ll give you a fair, fast all-cash offer to buy your inherited lot as-is.