Steps to Selling an Inherited Property in Arkansas
Learn the steps to selling an inherited property in Arkansas. Is it best to sell with a real estate agent or request a simple, all-cash offer?
If you’re selling an inherited property in Arkansas, you may find yourself juggling time, financial considerations, and family dynamics. Selling an inherited home can also be emotionally challenging.
This post outlines the key steps you’ll need to take to help you move forward with more confidence. Whether you’re navigating probate or deciding on the best sales approach, this guide can help you choose a path and a plan that works for you.
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Editor’s note: This post is for educational purposes. If you need help navigating the legalities or tax implications of selling an inherited property in Arkansas, HomeLight encourages you to consult a professional advisor.
1. Review any existing estate plans
If the Arkansas home is part of a formal estate plan, review the will or trust documents to understand how the property is to be distributed. While you might be eager to get the home listed and sold, dedicating time to this first step can help you avoid significant legal and family agreement roadblocks.
If the deceased did not leave clear instructions or if there are disagreements among heirs, hiring a skilled estate attorney can help clarify legal requirements and mediate any disputes. They’ll also help ensure that Arkansas probate laws — the legal process of distributing a deceased person’s assets — are followed properly.
2. Confirm where the mortgage stands
Determine whether there are any outstanding liens, such as a mortgage, home equity line of credit (HELOC), or unpaid taxes, tied to the inherited property. This can be done through a title search, which will reveal any debts or claims against the home.
It’s important to have a clear understanding of the property’s financial obligations before you move forward with the sale. If there is a question about liens or whether the title can be properly conveyed to the heir(s), contact an estate planning attorney. They can help with legal requirements and filing procedures in Arkansas.
3. Anticipate your property ownership timeline
If the property is subject to probate, the process must be completed before you can legally sell the home. In Arkansas, probate timelines can vary based on the complexity of the estate, but typically, it takes six to nine months to resolve.
Until you have court confirmation that you are the new rightful owner, you should not sign a listing agreement or market the inherited home for sale. Listing the property prematurely can create legal headaches and delay or cancel a potential deal.
If the property is held in a living trust or life estate deed, your ownership timeline may be reduced because court approval is typically not required. This can make it easier for you to sell the home faster.
