Do you have an inherited house from a parent in Jacksonville, Florida?
If so, you probably have lots of questions and you’ve come to the right place to get started!
In this article, we will answer many frequently asked questions about selling an inherited house and direct you on exactly how to get started.
1. How do I sell an inherited house from a parent in Jacksonville, Florida?
The first thing to know is you will likely need to go through a process called Probate.
2. What is probate?
Probate is the official proving of a will. This proves you are the legal heir and rightful inheritor of the property. Once this is established through the court then ownership is transferred to you and you have the right to sell the property, rent it, or do as you wish with it. You do also become responsible for all taxes, insurance, expenses, etc.
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Trevor Augustus and family specialize in buying houses in any condition and we are available to answer any questions about your house or the process. No Obligation.
The short answer if you sell right away is probably not. The good news is that Florida does not collect an inheritance tax and in general, the inheritance itself is not considered a taxable event so you won’t have to report it on your federal income tax return. If you decide to hold and sell the property later down the line, you may incur capital gains taxes, but only on the difference between the fair market value at the time of inheritance and the price you later sell it for. So if you decide to the sell the property quickly this is usually a moot point and you won’t owe taxes. As with any and all tax questions you find answered on the Internet, please check with your CPA and do not construe this as personal advice.
4. What if there are other siblings involved?
If you have an inherited house from parents in Jacksonville, Florida with other siblings then you most likely will own it equally (either 50-50, or 1/3 each, etc) unless otherwise stated in the will, which is rare. After all, mom and dad claim to love you all equally, right?
If everyone agrees to sell the property, then it’s easy to split the proceeds equally. If one sibling, however, does not want to sell and the others do then perhaps they can work out a buy-out agreement with the others or record a promissory note to pay your share of the sale if and when it is eventually sold. You could even agree on monthly payments paid over time if one wants to keep the house.
If you can’t reach an agreement, you’ll probably have to file a lawsuit court and the judge will most likely force the sale. This is not the ideal scenario as an attorney and court costs will pile up and reduce your overall take home profit, not to mention the stress and time involved.
6. How much does a probate cost?
In Jacksonville, Florida, a typical probate averages around $2,000 – $3,000. This covers the court filing fee, publication in the newspaper as required by law and attorney’s fees.
*Fill out our fast free form below to find out if you qualify to have your probate costs to pre-paid by Jax Home Offer.
7. How long does all of this take?
The average probate takes between 3-6 months to go through the court process if it’s uncontested. Some can go a little quicker or take longer depending on the individual and varying details of the case. A quick 5-minute conversation can help us determine your situation and give you our professional opinion of what to expect.
8. Can I just have all this handled for me?
Yes! You can sell your inherited house to Jax Home Offer today. We will give you a fair cash offer on your inherited property and then you can leverage our professional network to make the process go as smoothly as possible. Our team has helped usher many Jacksonville properties through probate and we have a 100% completion rate in facilitating successful sales!
We also have pre-negotiated pricing with a top-notch real estate attorney firm right here in Jacksonville, FL and we can pass this cost and time-saving relationship onto you.
Call Jax Home Offer today at (904) 472-4766
Or get started by simply filling out the form below
Jax Home Offer has longstanding relationships with Jacksonville’s top probate attorneys. We can pass our experience and savings on to you.
One recommended probate attorney in Jacksonville is:
Duane Romenello, P.A. – https://www.bbb.org/north-east-florida/business-reviews/legal-clinic/duane-romanello-p-a-in-jacksonville-fl-9000198
Submit your online form above to sell your inherited house fast and have your probate paid for by Jax Home Offer.
*** PLEASE NOTE: Tax laws change frequently, and the following information may not reflect recent changes in those laws. For current tax or legal advice, please consult with an accountant or an attorney since the information contained in this article is not tax or legal advice and is not a substitute for tax or legal advice.