Navigating the sale of an inherited property in DC, Maryland, or Virginia? Discover essential steps, tax implications, and how Parlevu Global Services LLC can assist you in selling your inherited home efficiently.quickhomebuyers.com+1Express Homebuyers+1
Understanding the Inherited Property Sale Process in the DMV
Inheriting a property in the District of Columbia, Maryland, or Virginia comes with both emotional and logistical challenges. From probate proceedings to tax considerations, it’s crucial to understand the process to make informed decisions.Generis Online+2Express Homebuyers+2Richr+2
Key Steps to Selling an Inherited Property
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1. Initiate the Probate Process
Before selling, the property must go through probate—a legal procedure to validate the will and authorize the executor to act on behalf of the estate. In Maryland, this is overseen by the Orphans’ Court; in Virginia, by the Circuit Court; and in DC, by the Probate Division of the Superior Court.
2. Determine Property Ownership
Ensure that the title is clear and that you have the legal authority to sell. This may involve obtaining a new deed or resolving any liens or disputes.
3. Assess the Property’s Value
Obtain a professional appraisal to understand the fair market value. This is essential for setting a competitive price and for tax purposes.Generis Online+1yesipaycash.com+1
4. Understand Tax Implications
Capital Gains Tax: When selling an inherited property, the basis is “stepped-up” to the market value at the time of the decedent’s death. You may owe taxes only on the appreciation since that time .Clever Real Estate+3yesipaycash.com+3lifelinetaxsolutions.com+3Clever Real Estate
Inheritance Tax: Maryland imposes a 10% inheritance tax on property passed to non-lineal heirs .Houzeo
5. Decide on the Sale Method
Traditional Sale: Listing with a real estate agent can fetch a higher price but may take longer and involve repairs.Fredeo
For Sale By Owner (FSBO): Gives you control but requires more effort and knowledge.
Sell to a Cash Buyer: Ideal for quick sales without repairs. Parlevu Global Services LLC specializes in purchasing inherited properties as-is, expediting the process.