Selling an inherited home in Ontario is not as easy as people think! Read on to learn how to sell a house you inherited in Ontario Ontario…
First of all, there is always that emotional bit of preparing a loved one’s house ready for sale – which most likely includes depersonalizing his or her rooms and also clearing out all the belongings… Then there is the cost of marketing the house in order to attract potential buyers.
Usually heirs get to deal with the high costs of liens and other issues. Consequently, disagreements may arise.
Therefore we at True North House Buyer have compiled a few points that should help steer you in the right direction, if you ever find yourself in such a dilemma. Here are a few tips on how to sell a house you inherited in Ontario, without having to sweat much.
Making the probate process go smoothly
Get some advice
The first step you should take is to get some professional advice. You must understand the status your house is in. Make sure that you verify your ownership. Seek advice from a real estate attorney. Get info from other experts too. And completely utilize this site too of course. We can also give you a fair deal for your inherited local Ontario house if it qualifies. Fill out the form here to get started.
Next Step: Begin the probate process in Ontario
Before you embark on the selling process, your house must go through a probate. Most countries allow for a summary probate – which is just a simple process that takes a very short time and involves less legal processes. Once your house passes the probate process in Ontario, you can then put it on the market.
Tax consideration
The tax basis of your property is the house value on the date that the person who willed you died. The difference between the amount you realize from the sale and the value is basically the gain on which you owe the taxes.
How to sell a house you inherited in Ontario
Agreeing to sell
If you are ready to sell your house in Ontario, you can inform the executor to petition the court in order to get the “go ahead” sign and proceed with the sale from the there. Problems always arise when siblings who share the inheritance have different views – for instance others may want to sell the house while others may not be for the idea. If and when this happens to be the case, it is important to “disagree to agree”. It is also important to involve your estate lawyer in this stage.
Preparing to sell
A house that belonged to an elderly person may require repairs and a bit of updating before you can put it on sale. You will need to get rid of everything! You can choose to hire an inspector to note down potential issues and recommend possible repairs. Although you can sell a home in Ontario “as is” you may be forced to accept a lower price, especially if your house requires extensive repairs or cleaning.
Here at True North House Buyer however, we will always give you a fair deal and help you get as much value from your inherited house as possible. We often times buy local houses in Ontario, repair and fix them up and either rent them out or sell them to someone else looking for a great deal.
If your local Ontario house meets a few simple qualifications, we can buy your house fast.