Complete your Estate Sale in 3 Easy Steps
Step 1
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Step 1
Tell us a bit about the home. The information we look for is location, number of bedrooms, bathrooms, and other relevant details.
Step 2
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We give you a price range that we can pay for the property and you decide if you would like to proceed with booking an appointment.
Step 3
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Step 3
We come to the home for a single viewing and give you a no-obligation offer. You decide if you want to take it or not.
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Property Estate Sale FAQs
Factors to Consider When Selling an Inherited Property
Inheriting a property is a complex and emotional journey, marked by both the weight of the past and the memories of your loved one. Whether it's a family home, a vacation retreat, or an investment property, the decision to sell can be both financially and personally significant. As you embark on this path, many questions are likely swirling in your mind, so we aim to provide clear answers to guide you through the intricate process of a property estate sale. From understanding the legal intricacies to navigating the sale process, we've compiled the most frequently asked questions to help you make informed decisions at every step of the way.
Do you have to sell an inherited property?
In Canada, there is no specified timeframe within which you must sell an inherited house after acquiring ownership.
How do I sell an inherited property?
Similar to any other home, you have the option to sell it through traditional channels, such as listing it on the market with a real estate agent, or exploring alternative routes like selling to a private cash home buyer. Many families who inherit properties often choose private sales due to the increased flexibility and control they offer in the selling process.
Who signs the agreement of purchase and sale?
Typically, it is signed by the executor of the estate.
Is the sale of an inherited property taxable?
When the inherited property is the primary residence of the deceased, there is no tax on the property transfer. However, if the inherited property is a secondary home, such as a cottage, an estate tax is applicable. This estate tax is covered by the estate's assets, alleviating the inheritor from any direct financial responsibility.
Who pays capital gains on inherited properties?
While it's not explicitly an inheritance tax, discussions about inherited property in Canada often involve capital gains tax. This tax becomes relevant when the inherited home is sold, but only if the property's value appreciates from the time of inheritance to the time of sale. In such cases, the inheritor is liable for taxes on 50% of the amount of that increase.
What happens if the heirs to the property disagree?
Upon passing, a person's will undergoes the probate process, during which the appointed executor assumes the responsibility of executing the instructions outlined in the will. Unfortunately, this stage sometimes brings about potential problems and disputes. If this occurs, we suggest consulting an estate lawyer to see what your options are. For more information, have a look at this blog post by Legal Wills Canada: Working with a Will – The most common problems that arise
Inherited house purchased by The Private Home Buyers on Fairfield Ave. in Hamilton, Ontario