How to Sell Inherited Land
By Shala Hainer, eHow Contributor
Selling inherited land requires you to first make sure there is no money owed on the property. If you inherited a portion of land, talk with other heirs before selling your share; they may be interested in buying it. Contact a Realtor for help marketing the land and handling the paperwork, and enlist the aid of an accountant to discuss any tax implications of the sale.
Research liens on the property, such as property tax liens or mortgages. You cannot sell the land if liens exist unless the liens are paid off with the proceeds of the sale.
Hire a real estate agent to help you sell the land. The Realtor can offer advice on how to price the property, market the land and walk you through the sales process. The real estate agent can help you estimate such fees as taxes, insurance, appraisal fees and commission fees. Discuss the amount you hope to net after all the fees to help your Realtor set the price.
Solicit a cash buyer. Your real estate agent may be able to help find a person interested in buying the property without needing a mortgage. Cash sales often run about 80 percent of the land’s value, but they move faster and with less paperwork than sales that require financing.
Consult your accountant to explore any tax implications before the sale. The land’s value at the time the previous owner died, called stepped-up value, calls for less taxable gain when you sell the land. You should be taxed only on the amount the land has appreciated since the previous owner passed away. Ask your accountant if you can claim a loss on your taxes if the property’s value has declined since you inherited it.
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