Things To Know About Selling Inherited Property

So, you have recently learned that one of your family members left you property as an inheritance. Although this is a loving gesture, you may also wonder what you are going to do with it. For example, you may already own your own home but your family member has left you their vacation property in Florida. You may not want to keep it, wonder if you have to pay taxes on it, and have other questions.

Transferring property after someone passes away must follow certain legal procedures. Below, our Daytona Beach estate administration lawyer outlines the most important things you need to know about selling inherited property.

When Can You Sell Inherited Property? 

It is not uncommon for beneficiaries to think about selling inherited property instead of keeping it. Determining when you can sell the property depends on many factors. These include:

• Court authority: Unless your loved one’s will stipulates otherwise, the court must grant the personal representative the authority to sell the property. This means the sale will be dependent on the probate process and the schedule of the court.
• The period for creditor claims: State law dictates that creditors have three months after they receive notice to make a claim on the estate. Many personal representatives choose to wait until this period ends to ensure the title is clear.
• Consent of beneficiaries: If all the beneficiaries consent to the sale, the process is often much quicker. If the beneficiaries do not agree, the court may need to intervene, and this can extend the timeline.

How to Sell Inherited Property 

There are many legal steps required when selling inherited property in Florida. These are as follows:

• Review the will: Again, the will may grant someone with the authority to sell the inherited property. Review the will to determine if court authority is necessary.
• Obtain letters of administration: If the court must grant the personal representative the authority to act on behalf of the estate and they have done so, the judge will issue letters of administration.
• Market the property for sale: Marketing the property for sale can mean working with a real estate agent, advertising the property online, or even in the local newspaper, depending on the type of property being sold. If the property is part of probate, the personal representative will handle these tasks.
• Accept an offer and distribute proceeds: After the sale is accepted and closed, the personal representative will then distribute the proceeds to the intended beneficiary.

It is important to note that if the inherited property was a homestead property, the process is the same but the property must obtain actual homestead status.

Our Estate Administration Lawyer in Daytona Beach Can Advise On Your Case 

It is not uncommon for people to want to sell their inherited property. At Bundza & Rodriguez, our Daytona Beach estate administration lawyer can review the facts of your case to determine how to sell the property and help you through the process so it is as smooth and easy as possible for you. Call us today at 386-252-5170 or contact us online to schedule a consultation and to get the legal advice you need.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html