Inherited homes
What to Do When You Inherit a House: First Steps
When you inherit a house, start by confirming who can act for the property, protecting the home and gathering its records. Then compare keeping it, renting it out or selling it. You do not have to commit to a buyer or start repairs while you are still sorting out those decisions. If you want to explore a sale, read our guide to selling an inherited house as-is. For an estate property, use our probate-property guide to prepare questions for the people handling the estate.
Confirm authority before committing
Identify the owners and the person authorized to act for the estate or trust. Have your attorney confirm the documents and approvals needed for a sale. Receiving an offer and having authority to sign a contract are separate steps.
Give belongings a separate plan
Set aside family items and decide how everyone will participate in sorting them. Agree on access and dates before scheduling a buyer walkthrough. This can prevent a property deadline from becoming a family deadline.
Compare keeping, renting, and selling
Consider insurance, maintenance, payments, distance, and the time you can give the house. Compare a realistic listing plan with an as-is offer rather than comparing an offer with an ideal future sale price.
Get advice on proceeds
Ask your tax adviser about your circumstances before assuming the proceeds are tax-free. Request a written net sheet from escrow to understand transaction expenses and outstanding claims.
Choose a timeline together
A written plan for signing, access, belongings, and possession makes the next conversation simpler. Tell a prospective buyer about unresolved approvals before agreeing to a closing date.
Assign the practical jobs
Families can agree about selling and still have different ideas about belongings, access or timing. Decide who will gather documents, who will arrange visits and who will communicate with advisers. Make sure those practical tasks do not get confused with authority to sign. Keep a shared written list of unresolved questions so the same issue does not get answered differently in separate conversations.
Compare the work behind each option
Keeping the house may mean ongoing maintenance, insurance and other expenses. Renting can bring income but also requires a plan for repairs, occupancy and management. Listing may involve preparation and time for marketing. An as-is sale can be worth considering when coordinating those tasks is the difficult part. Compare a realistic plan for each option, including who will do the work.
Protect time for a careful decision
Ask for the proposed contract and net sheet in writing. Have the appropriate estate or trust adviser review questions about signing and distributions. Before agreeing to possession, confirm which belongings must leave and who will collect them. Getting these questions answered early can make the final sale simpler without rushing the family’s decision.