Inheritance real estate

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An inheritance is always associated with many emotions. You have lost a loved one and now face a legacy that raises many questions.

What are your obligations?

Do you inherit alone or jointly with others?

How do you deal with the inheritance?

If a property is part of your inheritance, you have to take care of many formalities and make important decisions in a short time. As experienced real estate agents, we will sympathetically assist you during this time and take care of all the work involved, so that you can deal with your loss in peace.

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You have these 3 options:

Provided that the inherited property has a good location and meets your requirements, it may be a good option to occupy the inherited property yourself. With regard to inheritance tax, this option makes perfect sense, as children, registered partners and spouses inherit the inherited property tax-free, subject to the ten-year time limit . As an heir, you also benefit from not having to pay the ancillary purchase costs that would otherwise be incurred, which are usually more than ten percent of the purchase price. Note, however, that owner-occupancy requires paying off any co-heirs.

If you do not want to use the property yourself, for example because the inherited property is too far away from the center of your life or you do not want to live in a single-family house as a single heir, renting out your inherited property is another option. Especially if the house financing has not yet been finally repaid and the monthly loan installments exceed your financial budget, regular rental income can help to pay off the inherited house. Keep in mind, however, that as the landlord, you are still responsible for maintaining the value of the property you rent. However, a temporary lease can be advantageous if you do not want to sell the inherited property prematurely because you plan to eventually occupy it yourself in old age.

It often happens that an inherited property goes to several heirs. Especially if they cannot agree among themselves and both owner-occupancy and renting are ruled out, it can be advantageous to sell the inherited property. The proceeds from the sale can be used to pay off the heirs or repay debts encumbering the property. However, in the event of a sale, make sure that you have essential documents such as the certificate of inheritance available before the sale and, at best, that the land register has already been corrected so that the ownership situation is clarified and the new owner receives an up-to-date extract from the land register.

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We support you

We will gladly stand by your side in confidence during this difficult time and accompany you in the management of your inherited property with expertise and competence:

Feel free to contact us, we look forward to hearing from you.

Frequently asked questions about inherited real estate

The real estate appraisal provides a sound basis for all the steps you will face when dealing with an inherited property. The determined value not only plays a role in the amount of inheritance tax. It also serves as a guideline when selling the property, dividing its sale proceeds within a community of heirs or deciding whether to accept the inheritance at all.

If the property is burdened with debts that you cannot pay, you should renounce the inheritance. Even then, if the benefit is not worth it for you compared to the value, declining is advisable. For example, if the inheritance tax is out of proportion to the profit you would make on a sale or rental, the inheritance may place a heavy financial burden on you. Therefore, let an expert like us advise you comprehensively on your options.

If you inherit together with siblings, for example, you are part of a community of heirs. In this case, all decisions regarding the inheritance must be made jointly. If you would like to occupy the inherited property yourself, while your co-heirs would prefer to sell, you can buy out their inheritance shares. However, if a conflict of interest arises, a solution must be found, for example to avoid a partition auction.

Unfortunately, it is not uncommon for the community of heirs to disagree. If a party refuses to sell the property, co-heirs have the right to apply to the district court for a public auction. The resulting partition auction is always associated with losses for you as the heir, since the determined market and sales value is usually lower than the price you would have achieved in a regular real estate sale.

As experienced brokers on the Hamburg real estate market, we are familiar with inheritance real estate and the problems within a community of heirs. We provide comprehensive advice so that a solution can be found for all parties involved. We listen to the individual wishes of all heirs and recommend solutions that meet the interests of all.

Real estate annuitization is a financing concept in which a property is sold and at the same time a lifelong right of residence or an annuity payment to the seller is agreed. The seller receives the proceeds of the sale in the form of a one-time payment or a monthly annuity.

Annuitization allows owners to use their property without having to move, while improving their financial situation. It is often considered by older people to supplement their pension or make the property liquid without having to sell it. However, it is important to learn about the specific terms and risks of real estate annuitization in advance and to seek professional advice. This is the only way to make an informed decision that meets your needs.

You want to sell your inherited property?

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