Steps to Selling an Inherited Property in North Carolina
Learn the steps when selling an inherited property in North Carolina. See expert selling tips from a top-rated NC real estate agent.
If you’re selling an inherited property in North Carolina, it’s likely you’re trying to walk a tightrope of time, money, and family dynamics. You may be anxious about getting a signed purchase contract from a buyer so you can move forward as fast as possible. But rushing forward without pausing to make a plan can actually lead to unnecessary delays and frustration.
“This is an emotional process, and there’s a lot going on,” says Renee Hillman, a top-rated Raleigh area real estate agent who has been helping families with inherited homes for more than 25 years. “Some people handle it on their own, and that may be fine, but I recommend getting in touch with trusted [professionals] who can guide you early in the process.”
In this post, Hillman will provide expert insights on how to sell an inherited house in North Carolina. She’ll also suggest clear steps you can take and share real-world tips to help you choose which home-selling path is right for you.
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Editor’s note: This post is for educational purposes. If you need assistance navigating the legalities or tax implications of selling an inherited property in North Carolina, HomeLight encourages you to consult a professional advisor.
Here are the steps to selling an inherited property in North Carolina:
1. Review any existing estate plans
“So much with estates is about pre-planning on inherited property,” Hillman says. “Hopefully, there have been earlier open discussions with the deceased to understand their wishes with the property. This includes having a good understanding of the will or trust and who the heirs are.”
To navigate state laws and any required probate proceedings, Hillman says, “You’ll want to make sure the heirs are all on the same page with a plan, and that you have a good, solid estate attorney involved to make the process go easier.”
She also recommends you hire an on-the-ground expert who will walk the home-sale journey with you step by step. “The other part of this is contacting a trusted real estate broker who has experience with estate sales. They can even put you in touch with an estate attorney and assist with any of those variables along the way and take some of those things off of your plate.”
2. Confirm the status of the mortgage
As the new owner of an inherited house, it’s wise to pause before taking any action so you have a clearer picture of what’s been placed in your possession, both physically and financially.
“When inheriting a property, you need to make sure you know if there are any liens like a mortgage or an equity loan that need to be paid,” Hillman says.
You’ll want to determine the outstanding mortgage balance, monthly payment amounts and due dates, the interest rate, and other lender terms. You’ll also need to know if the inherited North Carolina property has any supplemental liens or judgments, such as unpaid taxes, a home equity line of credit (HELOC), or a reverse mortgage.
Hillman says a title search will help to reveal the status of the property. This is a crucial gate that must be fully open to establish legal ownership before you can sell the home. “If you’ve already hired an attorney, make sure to contact them pretty much immediately for this guidance.”
3. Anticipate your ownership timeline
Even if you know you’ll inherit the North Carolina property, it can take time before you legally own it outright. Ownership timelines vary depending on how you inherited the house, whether through a probate process, living trust, or a beneficiary (or transfer on death) deed.
In most cases, you’ll take ownership sooner if you have inherited the property through a living trust or life estate deed because no court approval is typically required. A trust can also make it easier for you to sell the home right away.
On the other hand, probate inheritance, the legal process of distributing a deceased person’s assets and debts to their beneficiaries, is typically more complicated. This judiciary maze can take anywhere from a few months to a year or more. The length of the probate process you experience will depend on the complexity of the estate.
Until you have court confirmation that you are the new rightful owner, you should not sign listing paperwork or market a property. Listing the home prematurely can stall or cancel a potential sale.
