Selling your inherited property can be an emotional and bittersweet decision. But, it often comes with complexities.
- Sorting out legal matters
- The hustles of repairs and clean-ups
- Choosing the right way to sell the property
- Finding the right buyer and the right offer
It can be a little too much. But here’s the catch, you can make your sale simple, fast, and smooth too by doing it the right way.
Here are the steps to follow when selling your inherited property in Ontario:
Determine the Market Value
Get an appraisal to find out how much your property is worth in the current market. This will help you set a fair price for selling. Additionally, assess the property for any foundation issues and necessary repairs.
Settle the Legal Matters
Before you sell, make sure all legal matters are in order. You need to establish ownership and gather all required documents. Also, check if the inherited property has joint ownership. If it does, you will need to settle matters with the other co-owners as well. This will help ensure a smooth selling process.
Know About the Taxes in Ontario
While there are no inheritance taxes in Canada, the profits from your inherited property may still be taxable. If you inherited a primary residence, itโs exempt from capital gains tax. However, for secondary residences or other properties, 50% of capital gains can be taxable.
Decide How to Sell Your Property
After settling legal matters and understanding tax implications, decide on your selling method. You can go for the traditional route and list your house for sale. But, this can take a lot of time. Months can easily pass till you finalize your sale. You may also need to make repairs before listing. And it can leave you very frustrated!
On the other hand, if you want to save time and money, selling it to cash home buyers is a great option. Inherited properties often need repairs and clean-ups before selling, but cash buyers typically donโt require you to do any of that. You can sell the property as-is, and the selling process can be completed in about a week. Way simpler, right?
Here are some reasons why selling your inherited property for cash is a smart choice:
- Quick cash offers that can be done in days.
- The process is simpler, with fewer negotiations.
- You can avoid the stress of showings and open houses.
- No realtor commissions mean more money stays in your pocket.
- It helps settle an estate faster for easier distribution among heirs.
Conclusion
Selling your inherited property can feel overwhelming, but it doesn’t have to be. If you’re looking for ways to sell your inherited property in Ontario, start by settling the legal matters and understanding your tax obligations.
If you can invest a lot of time and patience to go with the traditional listing, thatโs great.
But if you want to save time and money, selling for cash is an excellent alternative. Cash buyers donโt require repairs or clean-ups, and the process moves quickly. Selling for cash might just be the best way to sell your inherited property in Ontario.
Should I sell my house for cash? Yes! It is a great idea.
Hereโs to a smooth sale!
