If you have inherited a property in Rock Hill and are considering selling it, you might wonder about the holding period. This article will guide you on where to find answers to your questions.
Once you inherit Rock Hill property, you have three options: keep it as your primary residence, rent it out, or sell it. If you are considering selling, there are a few things you need to know to answer the question about selling an inherited home.
Is There a Holding Period Before Selling My Inherited Home
Probate Versus Inheritance
In general, an inherited property is what you get when someone passes away and leaves you their property. Probate is a stage along the way – it’s the legal process of transferring property ownership. Probate interprets the will of the deceased, or if there is no will, they verify the heirs of the property based on South Carolina Inheritance Laws.
Therefore, if someone leaves you a home in Rock Hill and the house is in probate, you might not be able to sell it immediately because the will is still being proved, and other heirs could contest the will.
However, if probate is complete and you fully own the inherited house, you can sell without waiting.
There Is A Holding Period (But Not What You Think)
There is a holding period with inherited homes in Rock Hill, but the holding period doesn’t mean you can’t sell… it’s simply a term used to describe how you will be taxed on the property – depending on when the deceased passed away.
However, in most cases, this won’t prevent you from selling the property, but you should talk to an accountant to see if the holding period will impact how much tax you pay.
There May Be Other Factors
While there isn’t likely going to be a holding period on the inherited house itself that will prevent you from selling it, you should be aware that there could be other holding periods that will make it more challenging to sell – such as if the house still has a mortgage or some other obligation. But in many cases, getting a clean title on the home may only take a month.
During probate, a public notice to creditors will be published in local newspapers once a week for three weeks, allowing them time to file a claim. You can close out the estate with the courts after these three weeks. The sale proceeds will be used to pay expenses associated with the estate, such as outstanding mortgages, taxes, and other bills.
The time it takes to get an estate through the probate process in Rock Hill will depend on your ability to satisfy the court’s requirements. I think consulting with an estate attorney in Rock Hill will help you understand the timelines and possible exemptions from the probate process. We recommend two estate attorneys for Rock Hill estates: Morton & Getty’s Attorneys at Law and Trimnal & Mayers Attorneys.
So, if you inherited a house and are now thinking about selling it, and if you’re wondering, “Is there a holding period before selling my inherited home?” then here’s the good news: You probably don’t have to wait to sell, and you can get that process going right away. However, be aware that other factors could delay the sale or impact the tax you’ll pay when you sell.
The good news is that you don’t have to wait to find a buyer. There are companies that buy Rock Hill houses in probate. A cash buyer can simplify the home-selling process for those who have inherited a house. Selling an inherited property does not have to be time-consuming or costly.
If you want to sell your inherited house quickly, JMS Home Buyers is available to meet with you. We’ll give you a fair, fast, all-cash offer to buy your inherited house.
Just click this link and fill out the form, or call our office at 704-707-6016