If you’ve decided to sell your inherited property, then this guide is just what you need! From the probate process to ownership types and inheritance taxes, our team of cash house buyers shares everything you need to know about the property inheritance process in Dallas and the best way to sell a house.
The Probate Process
Whenever a person dies, a legal process called probate starts. In the probate process, state laws govern how assets are inherited from the deceased’s estate. This process includes following their last will and testament or following the processes required if someone dies without a valid will.
If a valid will is present, the process is usually much faster than if a person dies intestate. It can take as little as 30 days or as long as several years for probate to be completed. This depends on how complex the estate is, if the will is being contested or not, and other factors.
Types of Ownership
When a property or an estate is inherited by a single person, the probate process, and the process of selling inherited property is much simpler. This is because you don’t have to consult with other heirs – it’s your property to sell or use as you wish. The tax consequences belong to you alone, just as if you had bought it yourself.
However, this becomes more complicated if there are multiple beneficiaries. If you are one of two or more owners of the property, you will have to come to an agreement to sell the property. If there is conflict over who owns the property or the percentage of the property, then an agreement will have to be reached first. This might include buying out other owners to become the sole owner or splitting the profit according to pre-agreed shares.
Inheritance Taxes and Property Taxes
Fortunately, there are no inheritance taxes in Texas, which is great news for heirs. However, there are property taxes – some of the highest in the country – that the property will be subject to. During the probate process, outstanding property taxes will be settled by the estate, not the heirs. If these have been kept up to date, then it is usually a fairly simple process. After these are settled and probate is complete, the new owner/owners of the property will be liable for the next year’s property taxes.
When property taxes are in arrears, the estate will settle these before passing on ownership of the property. Depending on the final tally of outstanding property taxes, interest, and penalties, heirs may have to help settle the bill or put the property up for sale to settle the account. Keep in mind that Texas tax offices are very strict about property taxes, as there is no income tax in the state, so penalties for non-payment can be stiff.
Usually, if property taxes have gone unpaid for a long time, the local tax office will start the foreclosure process to recoup the taxes and penalties owed to them in accordance with the annual tax lien that is placed on all Texas properties. The probate process will halt the foreclosure process temporarily while the courts, executor and heirs decide how to best move forward.
Selling Inherited Property is Easy with Our Team!
If you have decided that the best course of action is to sell the inherited property, then we are here to help. Our team of cash house buyers work to make this process easy for our clients by simplifying the selling process and handling it all for you. Our services include clearing out the property, selling it as is (no repairs or renovations needed), and making sure the money is in your account as soon as possible.
If you want to sell property fast without the hassle of looking for a buyer, dealing with real estate agent, or even emptying the house, then the best option is to sell directly to cash house buyers in Dallas.
We can sell your house in 24 hours. Here’s how our process works:
- You enter your information on our website. We’ll contact you directly to discuss an offer for your property (you can also get a free property evaluation from our website)
- You can accept or reject the NO-OBLIGATION offer
- Cash will be deposited into your bank account – with no real estate agent fees
- We can handle all aspects of the process, including clearing out the house
- You can also call us directly on 469-858-008
That’s all there is to selling inherited property!
You can also download our FREE eBook for more information on how to sell your house in 24 hours.
Our team is compassionate and highly motivated to offer you the best possible market-related price for your house. With our process, you can sell your house in 24 hours. Not only does this cash go straight into your bank account as soon as the sale goes through, but you also pay zero real estate agent commission.
At Shiny Key Properties, our trained consultants have years of experience in assisting local and out-of-state houseowners sell an inherited house. To find out more about our cash for houses Dallas service for selling inherited property, please contact us today.