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Selling Your Inherited Property in Ontario: Things to Consider

Have you recently inherited property in Ontario and find yourself uncertain about the next steps? This comprehensive guide is here to provide you with essential insights on selling an inherited property.

Inheriting a loved one’s home can be a challenging experience, not only due to the emotional toll it takes on you and your family but also the practical considerations that arise. Tasks such as property repairs, renovations, ensuring the security of the vacant property (especially if you reside in a different city), and managing junk removal are common challenges.

Here’s what you need to understand before proceeding with the sale of an inherited property in Ontario, whether it’s currently in probate, part of an estate sale, or solely owned by you.

1. Legal Counsel Is Essential

Depending on your stage in the inheritance process, you may require the services of both Wills and Estates lawyers and Real Estate lawyers. An estate lawyer can assist if you intend to contest a will, while a real estate lawyer is crucial if you plan to sell the property.

2. Tax and Fee Considerations

Although there are no specific inheritance taxes linked to a property you inherit, you will need to address capital gains taxes. The government deems you to have acquired the property at its fair market value on the date of inheritance. More information on inheritance and capital gains taxes is available on the Government of Canada website. Additionally, there may be a probate fee associated with validating a will and managing the estate.

3. Mortgage Payments and Property Taxes

If the property was under a mortgage, remember that you will be responsible for taking over mortgage payments and property taxes. Contact the mortgage provider to determine the remaining balance, and consult your local municipality for property tax information.

How to Sell an Inherited House

Now that you’ve addressed the immediate administrative aspects, you can proceed with selling the inherited property. Many individuals opt to sell inherited properties to private cash home buyers due to the simplicity and speed of the process, as well as the option to sell the property as-is.

In just a single meeting, a private home buyer can present you with a no-obligation offer for your property. You have the freedom to choose the closing date, while the buyer handles the rest. This process is characterized by transparency, as there are no concealed fees or commissions.

You can select the items you wish to keep from the house and leave the rest for the home buyer to manage on your behalf. True North House Buyer prides itself on its flexibility, ensuring that your unique needs are accommodated.

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