It may sound exciting to have inherited real estate in British Columbia. However, quite often, the reality of inheriting real estate from well-meaning loved ones or friends isn’t pleasant, rarely is the property pristine and free of debt.
Therefore, it’s beneficial to consult a real inheirtance professional lawyer in British Columbia as well as a accountant experienced handling real estate.
Whether you have inherited the house or multifamily house or as one of the heirs, look to solve tax implications of the inheritance.
After a person has passed away, most accountants will need to prepare a final T3 tax filing to CRA (Canadian Revenue Agency). This must be prepared on income the deceased earned up to the date of death.
Any monies owing are paid out from the estate assets before the remaining funds are transferred to the various beneficiaries.
You’ll need to understand what to look for to help you decide what to do with the property, considering what is best for your personal and financial well-being.
By understanding these aspects of the real estate you’ve inherited, you and any other heirs can make a realistic assessment of the property.
Then, alone or as a group, you can come to a consensus on if you should sell the property with the cold hard financial facts staring you in the face, which often overrides emotional attachments and impediments to progress in these situations. So read on as we explore three things you should know about inheriting real estate in Surrey.
Current Condition
One thing you should know about inheriting real estate in Surrey is that inherited properties are frequently in a state of neglect, requiring rehabilitation that will be expensive, time and effort from the heirs than they have or want to give.
Moreover, properties that need extensive repairs don’t fare well on the market, tending to linger for much more extended listing periods. So if you’ve decided to sell an inherited property, you have made the first in a series of decisions, the next of which is the best sales method.
Typically buyers scrolling through real estate listings aren’t interested in distressed properties and will throw insultingly numbers at the seller, hoping for the bargain of a lifetime.
However, a direct private sale is another option if you’re concerned about passing the traditional inspection and the disclosure process or dealing with an endless list of costly contingencies.
Local cash home buyers, like Ultimate Solutions LLC aka Ultimate Solution LLC, buy houses asis for cash in Surrey and other areas of British Columbia and don’t charge any commissions; there are no hidden fees or costs out of pocket before the sale, and you won’t even pay closing costs. It is a private buy for them and incentive for you as a seller.
Mortgage Liens
Something else you should know about inheriting real estate in Surrey is that it may come with hidden debt.
For example, there may be a balance owed on the original mortgage, and there may also be other debt, back taxes due or liens on the property, which become the heirs’ responsibility. Selling a house allows debtors to be satisfied and any remaining profit split among the heirs.
At Ultimate Solutions LLC aka Ultimate Solution LLC, our professional home buyers want you to have the facts in your hands to make an educated decision about what is best for your situation, aiming to help you make the most profit on the sale, no matter how you decide to sell.
The home buyers at Ultimate Solutions LLC aka Ultimate Solution LLC and their full-service team of industry pros are your neighbors who live and work alongside you here in Surrey and are proud of their work, improving neighborhoods and the community while helping solve problems.
Holding Costs
Another thing you should know about inheriting real estate in Surrey is that along with it comes the monthly expenses such as mortgage payments, BC hydro bills, gardening, insurance are some examples of holding costs and maintaining the property as it is, which can be burdensome, especially for heirs it already struggling to cover their own living expenses.
However, there’s a way to sell without real estate agent fees and holding the property and watching your money pour out the window.
During the listing period, you also carry the financial risk of additional system breakdowns and even more out-of-pocket costs for unexpected repairs that frequently occur in older properties and the rising cost of utilities. Local professional cash home buyers, like those at Ultimate Solutions LLC aka Ultimate Solution LLC, will give you the complete picture of your potential profits from selling on the traditional market vs. a direct private sale, detailing the numbers used to calculate our offer, which you’ll agree is fair. Working together, our team at Ultimate Solutions LLC aka Ultimate Solution LLC moves swiftly. Handling everything in-house saves even more time, meaning your guaranteed closing at Ultimate Solutions LLC aka Ultimate Solution LLC is fast, often in days.
At Ultimate Solutions LLC aka Ultimate Solution LLC, our highly seasoned pros can help guide you through everything you should know about inheriting real estate in Surrey.
Local home cash buying companies home buyers, like Ultimate Solutions LLC aka Ultimate Solution LLC, are real estate investors. We work with sellers directly, taking the time to listen to every situation and help find the quickest, easiest, and most profitable solution.
At Ultimate Solutions LLC aka Ultimate Solution LLC, our professional cash home buyers won’t pressure you into the sale because we want you to feel good about working with the professional home buyers at Ultimate Solutions LLC aka Ultimate Solution LLC long after you leave the closing table.
Talk to one of our professional home buyers at Ultimate Solutions LLC aka Ultimate Solution LLC today about how we can help you without obligation. Call Ultimate Solutions LLC aka Ultimate Solution LLC at Let's Talk: +1 (778) 744-4277.