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Anyone who has inherited a property in El Paso has likely considered selling it when trying to figure out the right way to handle the gesture of the loved one that gave it to them. It’s only natural to consider all of your options when you inherit a property, including selling.
One of the first questions most people who inherit homes in El Paso and want to sell ask is “Can I sell right away or is there a holding period?” This article will answer that question. To do so, there are a few things that you need to understand
Probate vs. Inheritance
For the most part, when someone passes away and leaves their property to a beneficiary, it is considered an inherited property. Probate is best understood as a stage of the process of the inherited property being transferred from the previous owner to their beneficiary. Specifically, probate is the step where the will is proved and it is ensured that it is executed properly, that is, that the beneficiary intended receives the property in question.
If you inherit a property, you will have to wait until this process is complete to sell it. If, for example, there is a dispute amongst heirs about the ownership or split of the ownership of the property, this can prolong the probationary period, meaning you have to wait longer to be able to sell the house.
Probate is temporary and once it is completed, you will fully own the house and be able to sell it without waiting.
What the “Holding Period” with Your Inherited House in El Paso Means
The holding period associated with an inherited property is not a period in which you cannot sell the house. It’s just simply a term used as a description of how the tax on the property is figured. This holding period is determined by the date the previous homeowner passed away.
Your accountant is a great person to talk to if you have specific questions about a holding period related to your inherited property and how it will affect the tax you pay.
Be Aware of Other Factors
Though the “holding period” won’t prohibit you from selling your inherited house right away, other factors may. For example, if there is a mortgage on the house or some other tax obligation or lien, these could affect it. Most situations like this can be sorted out so that you can sell the property.
The good news is that you probably don’t have to wait to sell your inherited property even if you have a “holding period” on it. If you are still having a problem finding a buyer for your inherited property in El Paso, Level Cash Home Offers can help. We buy houses in El Paso as-is and pay cash upfront so we can close in about a week. If you’d like to know more, just give us a call at 915-228-3314 or fill out the form on this website today.