Estate Sale Goes Better with a Real Estate Agent's Help

Whether we like it or not, we all encounter inheritance at some point in our lives. Since the sale of inherited property is an area where problems often need to be solved, it makes sense to consult a real estate agent for advice and assistance.

The world around us is changing rapidly, and changes are also being made to the law. Even with the best intentions, an ordinary person cannot keep up with everything. Since real estate agents must be familiar with property and inheritance-related legal requirements due to their work, it is advisable to turn to them as soon as you wish to sell inherited real estate.

There have been cases where inherited property has been put up for sale on one's own and a buyer has been found, but at the notary's office it becomes clear that the transaction cannot be completed because an inheritance certificate is missing. When working with a real estate agent, such situations cannot arise. Of course, those who are more informed can also first approach a notary to initiate inheritance proceedings or to renounce the inheritance.

You can renounce an inheritance within three months. It is also important to know when this deadline begins to run – the deadline begins from the moment when the heir learns or should learn of the death of the testator and of their inheritance rights.

After three months have passed, the inheritance automatically passes to the heir. However, without an inheritance certificate, inherited property cannot be sold.

A real estate agent helps ensure that all other documents related to the inherited real estate are also present and valid before the purchase and sale agreement is concluded.

The agent also helps solve any other possible problems that may arise. Most often, a compromise needs to be found when there are many heirs, the real estate goes into joint ownership, and transactions can only be carried out jointly. However, heirs often do not live in the same city or county, and some may live elsewhere in the country. Sometimes agreement cannot be reached on what to do with the property – for example, if one heir does not want to sell the property but wants to use it themselves, or does not agree with the selling price. The agent helps find the best solutions so that heirs do not have to divide the property in court and spend large sums of money doing so.

Problems can also arise if the inherited property is burdened with a loan. Therefore, it is sometimes wise to renounce the inheritance altogether. When accepting an inheritance, it is possible to order an inventory of the inherited property to determine the testator's assets, including debts. Before selling the inherited real estate, any loan burdening it can be repaid early. Problems can also arise if the heir is a minor child. In that case, it is not possible to sell inherited real estate without court permission. The agent is also able to answer all tax questions relating to inherited property. In order not to spend your valuable time familiarizing yourself with all the legal requirements and tax issues, it is advisable to approach a real estate agent with the desire to sell inherited property, who has the knowledge and experience to overcome any obstacles that may arise.

Source: Arco Vara Real Estate Office