E317 Can You Sell Your Inherited Property?

<p>We get this question quite often – can you sell your inherited property? The answer to this depends on many factors. First, you need to figure out if you can sell an inherited property. Here are a few steps for you to take to answer this, before you can decide if you need a probate lawyer or professional executor.</p> <h2>Check the deed to confirm you inherit</h2> <p><img class="aligncenter size-medium wp-image-43841" src= "https://anthonyspark.com/wp-content/uploads/2023/05/Check-the-deed-to-confirm-you-inherit-300x169.jpg" alt="Check the deed to confirm you inherit" width="300" height= "169" /></p> <p>First, check the deed to see if the decedent actually owned the property. Some people stay in a home long after another relative has passed or they are long-term renters. It’s actually easy these days to get a copy of deed online. One example is <a href= "https://www.nyc.gov/site/finance/taxes/acris.page" target="_blank" rel="noopener">ACRIS here in New York</a>. Most other states and counties are similar.</p> <p>One note – it is a bit harder to obtain documents for co-ops (<a href= "https://anthonyspark.com/e182-3-examples-of-how-co-ops-are-worse-an-executors-perspective/">co-ops always worse</a> during the probate process). You would need to call the management company for the information, which is sometimes like pulling teeth. They will need to check their internal records for the owner, and they may not provide you with the information.</p> <p>Once you have the deed, you want to clarify the owner. Is it the decedent? Was it in a trust? Is it in some other relative’s name? Let’s say it’s your uncle who passed, but he actually moved into the house after your grandfather passed years before. It could likely still be in your grandfather’s name. That would add a few layers of complexity to ownership. Deeds can also have joint owners, and co-ops can have beneficiaries. If there is a joint owner or beneficiary, and it’s not you, then you don’t own it.</p> <h2>What happens to a mortgage when house is inherited?</h2