Inherited a Home You Want to Sell?
Most people think that inheriting property is an easy process. However, being named a beneficiary is not that simple. There are many things to consider; the chief among them is paying taxes. Unless you are the surviving spouse of an inherited property the transfer of property from a deceased individual to you requires several complicated steps all with tax implications.
At Home Buyers of Virginia, we buy inherited homes. We are professionals at navigating through the process and can close within as little as three days. Contact Home Buyers of Virginia, LLC today. We will buy the home as-is, where-is. Any home, any condition. Simply fill out the contact form on this website or call us directly at 540-216-2274
Important Information About The Probate Process
Here is additional information regarding the probate process. When property is owned by the decedent themselves the inheritance can only be transferred through a court proceeding called probate. In such a proceeding, court fees will become due upon filing the requisite court papers.
At the time of probate you will be asked to estimate the value (market value at time of death) of the estate assets, including real and personal property, located in Virginia when the decedent died. For estates over $15,000, a probate tax will be collected by the Clerk based on a rate of 10 cents for every $100 of value or fraction thereof. There will also be recording costs and Clerk’s fees payable when the will is probated.
Probate is the official way that an estate gets settled under the supervision of the court. It’s the formal process to prevent fraud. It allows the state to identify and appraise the property. Also, it enables all creditors have been paid as well as all taxes.
A person, usually a surviving spouse or an adult child, is appointed by the court if there is no Will, or nominated by the deceased person’s Will. Once appointed, this person, called an executor or Personal Representative, has the legal authority to gather and value the assets owned by the estate, to pay bills and taxes, and, ultimately, to distribute the assets to the heirs or beneficiaries.
The general procedure required to settle an estate via probate in Virginia is the following:
- The Will must be filed with the probate court in the county where the decedent lived. Find a Circuit Court near you.
- If there is no Will, the Court will appoint someone to serve as the Personal Representative of the estate.
- The Court will issue “Certificate of Qualification,” which gives the executor legal authority to act on behalf of the estate.
- All inventory of the estate’s assets must be filed with the court.
- The court will issue an Order to distribute the assets to the beneficiaries.
Potential hurdles include things like reverse mortgages on properties, estate taxes, liens against properties and/or when a tenant is currently living in the residence. All these things we have an in-depth knowledge about and can assist you with. In fact, there are creative solutions to the aforementioned that 99% of people do not know about.
At Home Buyers of Virginia, LLC we are able to close quickly. We will buy any home, any condition. If we can assist you further please fill out the form on this website or call us directly at 540-216-2274