Yes, someone who inherits a house certainly does have the option to sell it. This is one of the most common steps that people take. Someone who is already an adult and owns their own home may inherit their parents’ house, for instance. It is a valuable asset, but they do not need a second home, so they sell it and pocket the proceeds.
That said, there are some important steps to consider, as selling a home that was inherited can be more complicated.
Are there any title issues?
For one thing, the individual has to determine if there is a clear title. If there are financial issues, like a lien on the house or unpaid taxes, these often have to be resolved first.
How many people inherited the home?
Another common issue is that multiple people may inherit the same house. Two siblings may inherit their parents’ home jointly, for example, meaning that they are both equal owners of that property.
If this is the case, they often have to agree to sell. One heir does not necessarily have the right to sell the home out from under the other.
If one person does not want to sell, a buyout may be an option. The person who wants to keep the home buys out the ownership percentage of the other.
In other cases, a partition action may be used. This is a lawsuit in which one co-owner asks the court to take legal steps to force the sale of the home. This can certainly be contentious, but it is possible if an agreement cannot be reached.
Even when the two owners do agree to sell the property, they also need to ensure that they split the proceeds correctly. One person cannot sell the home and keep the entire payment to themselves, as it must be divided with the other owner.
Navigating a complicated process
As you can see, selling is possible, but it can grow complex. Those who are going through this process need to know exactly what legal steps they should take.
