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Selling an inherited property

The process of selling an inherited property can seem a little daunting, but as long as all family members or executors are on the same page, it’s not as hard as it sounds.

The hardest part of selling an inherited property is getting the property ready for sale.

For starters, it’s not your home, so if there are any items left in the house, they generally don’t belong to you and the decision as to what to do with them needs to be made.

Attributing any costs in the tidying and selling process can also cause a little friction in any family.  Speak about this prior to talking to an agent, and put aside a decent budget, keeping in mind you might need removalists, or skips, or gardeners, or cleaners.  Your agent may have some contacts here that can help you.

The appointment of an agent needs slight variations to normal and the contract to sell it also needs variances depending on the situation.  In some cases, the owner who is on the title is still alive, and you could be the Enduring Power of Attorney, in other cases the owner on the title may be deceased and you are the executor of the will or the inheritor.  Your agent should handle the details in this respect.

If you have inherited a deceased estate and you’re looking to sell it, you need to make sure that you wont be paying any taxes in regards to the capital gains.  The ATO has a really simple choose your own adventure system here.

 

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