If you are thinking about selling your inherited property, you might be wondering, “Is there a holding period before selling my inherited home?” This article will answer that question and you might be surprised at what you learn…
If you’ve inherited a property, 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 home?”
Great question. There are a few things you should know in order to answer the question…
It’s important to know that if you inherited the property jointly with someone else, such as a sibling, you may have to discuss it with your fellow inheritor before putting it up for sale.
Also, it’s important to have agreeing to sell your inheritance with your siblings or anyone involves in that property. Or if everyone agree on what to do with the property. This will avoid any complications when you want to sell, Having a clear understanding between the heirs and an agreement between all parties involved can make everyone life easier.
Is There A Holding Period Before Selling My Inherited Home
Probate Versus Inheritance
It is vital to state that Florida law does not require any holding period before selling your inherited home. You have the right to put it on the market and sell it as soon as you are ready.
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 home and the house 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 house, then you can likely sell without waiting.
There Is A Holding Period (But Not What You Think)
There is a holding period with inherited homes 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 house 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 house still has a mortgage or some other obligation. 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 house and are now thinking about selling it, and if you’re wondering, “Is there a holding period before selling my inherited home?” 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.
Here’s a fast solution for you: If you want to sell your inherited house as quickly as possible, give us a call! We’ll give you a fair, fast all-cash offer to buy your inherited house as-is.
In conclusion, there is no holding period in Florida before selling an inherited property, but you must obtain an appraisal from a certified appraiser before putting it up for sale.
Before deciding to sell, you should consider talking to your partner in case of a joint inheritance and think about the market condition and your financial situation. It very important to have all parties involved to agree on what to do with the property. This will make everyone life easier whether all heirs agree to selling the inherited home or if all agree to hold it for further market evaluation.