Steps
- Find the will, if there is one.
- Decide the route with a probate attorney: administration, muniment of title, small estate affidavit or affidavit of heirship.
- Agree among the heirs whether to keep, rent or sell.
- Sell. List it, or sell it directly as-is.
Taxes
Inherited property generally gets a stepped-up basis to its value at the date of death, which can reduce capital gains tax if it is sold soon after. Property taxes keep accruing during probate. Speak to a tax professional.
General information, not legal, tax or financial advice. Laws and figures change; check the specifics for your situation.
Frequently asked questions
Do all heirs have to agree to sell?
Generally, all owners must sign. If heirs cannot agree, a court may be asked to order a partition. That is a matter for an attorney.