Selling the house after the death of your parents: how does that work?

Selling a house after the death of parents: how do you arrange that?

Selling a house. You don't want that when you are grieving for your deceased parent(s). Yet many people have to deal with this if there is an owner-occupied home in the inheritance. In this blog we explain everything about selling your parental home after death.

Owner-occupied home in inheritance: beneficial acceptance

Look critically at the legacy before taking next steps. Are there any remaining debts, for example because the home is worth less than the mortgage debt? Then choose beneficial acceptance. You arrange this through the court, and it means that you only accept the inheritance if there is a positive balance remaining. So you prevent the risk of debt.

Please note: if you opt for beneficiary acceptance, leave the inheritance untouched until everything has been arranged. So you are not allowed to take over or sell anything yet.

Inheriting a house with multiple heirs

Are you the only heir? Then the handling is simple. You decide what you want to do with the house. If there are multiple heirs, you must decide jointly.

Does one of the heirs want to live in the parental home themselves? Then he or she must buy out the other heirs. They are each entitled to a share of the home value. When selling, there must be agreement on the sales price and conditions. Can one stubborn heir block the sale? No, not: if there is a reasonable offer, you are obliged to cooperate.

What about inheritance tax if you inherit a house?

You must submit an inheritance tax return within 8 months after death, and after 12 months you will receive the final assessment. For an owner-occupied home, the inheritance tax can easily amount to tens of thousands of euros. Take this into account when dividing the proceeds.

Are you unable to sell the house within a year? Then you can request a postponement, but that will cost you 4% interest and the tax authorities may ask for additional financial guarantees.

Want to sell your parental home yourself?

Selling a house yourself saves real estate agent costs. Sometimes heirs would like to save that money. But realize that there is a lot to consider when selling a home. From defects in the home to an attractive design, determining the sales price and conducting negotiations. Moreover, you have to arrange a lot: an appraiser, photographer, advertisements, viewings, contracts. Are you really waiting for that?

Selling an inheritance property with a real estate agent

A real estate agent will support you with the sale. Even if it is not your own home, but that of your parents.

ECHT Makelaars in Alkmaar is happy to assist you with this. We are a small and committed real estate agency, with a lot of personal attention for our customers. When selling your parental home, we help you arrange everything properly, present the home well and ensure that the sale proceeds smoothly and carefully.

Are you now dealing with the sale of a house after death? And are you looking for a real estate agent who maintains peace and overview, provides advice and arranges the entire sale for you? Please contact us. We are happy to help you.

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