By: Joshua Campbell
Selling A Parents House After They Pass Away
Tags: real estate agent, knowledge broker, knowledge broker real estate, newmarket agent, newmarket real estate, toronto real estate
Selling a home is already difficult enough, but now you have the added burden of selling your parents’ home after they have passed away. Your emotions will be high and you need someone to help guide you through the transaction. Knowledge Broker is here for you during these times. There are a lot of steps involved when selling your parent’s home, but these are the top 4 steps you need to know about.
If you have inherited a property from your parents, it might not necessarily mean you are the person who calls the shots. If your parents have written a will, they have appointed a representative or executor. This is the person who has the most power when selling the home. It is the executor’s job to pay off any debts owed on your parents' estate. If there are multiple heirs attached to the house each has an equal say in how the house is sold. Each situation is different, but these conversations can result in very long legal battles. It’s important to deal with any family disagreements early and responsibly.
- Identify All The Heirs
Pick a trusted real estate agent who can help you and your family navigate through this process. It is important you pick one who has experience selling inherited houses. An agent with experience in this area will be able to confidently complete the transaction leaving all heirs happy. An agent will also be able to point any problems with the house and moderate any conversations regarding renovations.
- Pick A Real Estate Agent
When your parents pass away you are inheriting any debt that property has. Any debts will need to be dealt with early. You will need to access your parent's bank accounts and their monthly bills. Some bills to look out for are mortgage payments, income and retirement accounts, utilities, credit card statements and insurance policies. It is also important to get a copy of your parent’s death certificate as you will need to provide some institutions with it as proof.
- Collect Your Parents Personal Finances
- Pack Up The House
If you and the other homes heirs have decided to sell you will need to pack up the house and prepare it for showings. This can be especially difficult if the house is filled with memories or personal heirlooms. An extended family might also be interested in obtaining some of your parents’ things. Have the immediate family tag or take the things they want first then let the rest of the family sort through anything they would like. Your real estate agent will then sort out a home stager and let you know what can stay and what can go.
If you are in this situation currently please know you have all of our sympathies. This is a terribly difficult time and if you need any assistance or guidance please click here and get in touch with us right away.
At Knowledge Broker, our goal is to create an open-source of information for all our clients. We want to ensure that, at the end of the day, they get exactly what they want and what they need. If you know someone who could use our help or services, please put them in touch with us or send us their details using the contact information below. And before you go, click here to take the Knowledge Broker Quiz and see exactly what we can do for you!
JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8