If you’re considering selling an inherited property, you might be asking yourself, “Is there a waiting period before I can sell my inherited home?” This article will provide clarity on that question, and the answer might surprise you.
In Florida, there typically isn’t a formal holding period that prevents you from selling an inherited home. However, whether you can sell right away depends on several factors, especially if the property is still going through probate.
If the home is still in probate, you’ll need to wait until the legal process is completed before you can officially sell the property. This process ensures that the will is validated, debts are settled, and the rightful heirs are identified. Once probate is over and the title is fully transferred to you, you’re free to sell the house.
Additionally, there may be other factors to consider, such as unresolved mortgages, liens, or taxes. These issues can cause delays but usually don’t prevent the sale entirely. It’s a good idea to consult with an attorney or real estate professional to navigate these potential hurdles and determine the right time to sell.
If probate is already complete, and there are no major financial obligations tied to the property, you can sell the inherited home immediately, with no additional waiting period.
Inheriting a property can leave you unsure about your next steps, and if selling is on your mind, it’s natural to wonder about any potential holding periods.
It’s a great question, and there are a few key points you should be aware of to find the answer…
Is There A Holding Period Before Selling My Inherited Home
Probate vs. Inheritance
An inherited property is what you receive when someone passes away and leaves you their home. Probate is a legal process that occurs along the way, where the will is validated, ensuring that the correct heirs receive the property.
If the home is still in probate, you may not be able to sell it immediately because the will is being reviewed, and there could be disputes from other heirs.
Once probate is finished and you officially own the inherited property, you’re usually free to sell it without delay.
There Is A Holding Period (But Not What You Think)
While there is a holding period for inherited homes, it doesn’t mean you can’t sell the property. The term refers to how the property will be taxed, which is determined by the date of the deceased’s passing.
In most situations, this won’t stop you from selling, but it’s wise to consult an accountant to understand how the holding period might affect the taxes you’ll owe.
Other Factors to Consider
While it’s unlikely that a holding period on the inherited home itself will prevent you from selling, there are other factors that could make the process more challenging. For example, if the property still has a mortgage or other financial obligations attached to it, you might face delays. However, in many cases, these issues can be resolved and won’t stop you from selling in the long run.
So, if you’ve inherited a home and are thinking of selling it, and you’re asking, “Is there a holding period before selling my inherited house?” here’s some good news: You probably don’t need to wait and can start the selling process right away.
However, keep in mind that other factors, like unresolved debts or taxes, could delay the sale or impact the amount of tax you’ll owe when you sell. If you want a quick and easy solution, contact us! We can offer a fast, fair, all-cash deal for your inherited property, buying it as-is without any hassles.
Ready to sell fast in Deltona? We’re ready to make you an offer right away. Just click this link and fill out the form or call our office at 321-321-7041.
