Can you put a piece of real estate you inherit on the market?

| Mar 18, 2021 | Residential Real Estate Transactions |

As a child, you may have received gifts you had no use for from relatives. The same can happen when they die. They may leave you a piece of real estate that you have no interest in. However, unlike those lurid Christmas jumpers that you hid and never wore, you can still benefit from the property they leave you.

Wait until probate ends before doing anything with a property you inherit

You may be keen to sell, rent or develop the property. Yet, you need to wait until probate is complete. If your relative owed anyone money, that person might lay claim to the property you thought was yours.

Check the property is yours alone or if you share it with others

Before you do anything with inherited real estate, you need to be sure it is yours alone. If you inherit it jointly with other family members, you need to agree about what to do. If one wants to keep it for themself, they could buy you out. Or you could rent your share to them.

Renting a property allows you time to think

You may not be in the best position to make big decisions when a loved one dies. Renting out the property, whether to a co-inheritor or third party, gives you time to think. It is also a good option if you believe the property value will rise.

Take care before doing anything with a property you believe you will inherit. Others could find it distasteful if you move too fast. It may be better to do as you did each Christmas when you unwrapped those presents. Smile, say thank you and work out how to dispose of it later.