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TEMPLATE for all inheritance properties – NOT PUBLISH

The sale of inherited real estate requires special expertise and special procedures

Specialist estate agent inheritance real estate: With us as Germany’s first EBZ-qualified real estate broker in the field of inheritance real estate, you are well advised.

In the past 15 years we have experienced almost all the nuances of classic inheritance property sales, but also of urgent emergency sales, dispute sales and difficult situations in inheritance sales and know what is particularly important here. Questions such as “When can the property be sold at the earliest? Which costs arise? Does the money have to be distributed as in the certificate of inheritance? Do I even need a certificate of inheritance? When and how can or must I correct the land register? Am I liable for the sale of the property even if I don’t know anything about it? What about mandatory shares? Are there preemption rights and how do I deal with them? Do I have to wait for the certificate of inheritance before I can start? Should I sell to the neighbor, who calls and presses me almost every day? What happens if one of the heirs does not want to sell or does not agree with the price? ”And many other aspects must be clarified before the search for a suitable buyer begins.

We know the processes involved in creating a certificate of inheritance, in the land register, in the succession and also in sales with all its peculiarities and difficulties. We know very well which problems can arise here, how far we can advise you or where you urgently need further specialists. We support you in the sale of an inherited property seriously, reliably and competently in all matters.

We clarify and regulate all the necessary processes for you discreetly, comprehensively and professionally so that you can complete this often difficult issue of inheritance sales with peace and quiet. In addition to our advice, our network partners are available for legal and tax Questions are available that need to be clarified in connection with the sale of an inherited property.

Competence and professional advice with short distances.

Property inherited – what to do

It would make sense to have an initial interview with us. Here we can work out with you what the next steps should be. We know exactly how far we can advise you and when you also need external experts. In general, we do not provide legal advice, but refer you – if necessary – to our specialists in our network. We work with reliable, experienced and reputable partners such as notaries, specialist lawyers and tax advisors, who we would be happy to recommend to you. When it comes to property management, craftsmen, clearers or banks, we have reliable and proven partners in the network who are happy to help you and your questions.

Call us and let us give you an appointment for advice from our estate agents for inheritance properties (EBZ).

Property inherited – inheritance, succession, will, certificate of inheritance

The succession is clearly regulated in Germany (if German law applies to your inherited property). As a rule, the legal succession applies unless a will is present. If there is one or more wills, it must first be clarified who the heir (s) are and how the wills are to be understood. Even if a property has been explicitly bequeathed to one of the heirs (“legacy”), it may still be necessary to clarify with the co-heirs how to proceed here. A certificate of inheritance is not created automatically, it must be applied for. Issuing a certificate of inheritance involves costs and formalities; it can be applied for at the local court or through a notary.

We clarify with you which experts you may need here and recommend reliable partners from our network.

Property inherited – your duties

The heirs of a property are jointly responsible for ensuring that the property is not endangered and that the value of the property is retained. Things like Snow removal, compulsory insurance, heating and ventilating the property, properly managing it, paying the ongoing house fee, taking care of the tenant’s concerns, repairing a leaky roof if necessary, and much more are all obligations that you have have to consider. There are also a number of other obligations such as the reporting of an inheritance to the tax office within certain deadlines, the registration of the property in the land register, the information of the tenants, the insurance companies, banks and much more.

Our specialists will be happy to advise you. Find out what to do immediately and what you should do here.

Property inherited – community of heirs

If a property is passed on to several heirs, these heirs together form a so-called "joint ownership". This automatically creates a “GBR”, a company under civil law. In contrast to a “fractional community”, the heirs of the property have inherited it together and can only dispose of it together.

There is a lot to be said for a jointly inherited property. On the other hand, a large amount speaks against a joint rental. In particular, maintenance costs cannot usually be passed on to tenants, which regularly leads to later problems and disputes with communities of heirs. In today’s real estate markets, which are very good in our region, there is therefore some reason to sell inherited real estate rather quickly at the moment. However, tax speculation periods, banking costs such as prepayment penalties and rental contracts or any commitments entered into when purchasing the property must also be observed.

Let us advise you about the current value of the property, your options and the advantages and disadvantages of a sale or a rental. If we recognize tax or legal problems, we will provide you with the necessary specialists to clarify these questions.

Property inherited – minors or heirs under care

Is given to minors heirs or e.g. inherited from people under care, the procedures are complicated and time-consuming. But be careful: parents as legal representatives are not allowed to simply sell the inherited property. As a rule, the remaining parents are excluded from representing the minor children here. In these cases, the court appoints a “supplementary carer” to represent the children. To do this, a guardianship approval from the local court is required, but this will only be granted if the property is sold at the "market value". This value is usually documented by obtaining an expert opinion or an evaluation.

If, for example, the surviving spouse is dependent on a quick sale as an heir because the house is too heavily indebted and he is unable to raise the interest and repayment installments, he may not act or sell on his own. There is a risk of financial loss because, on the one hand, time (too much) passes during the bureaucratic phase and, on the other hand, because potential buyers may take advantage of the heir’s plight to negotiate a cheaper price or, in view of the legally unclear situation, even entirely from the purchase scare off.

Even with heirs under care (e.g. people declared as demented), rules and procedures must be followed here that a number of private sellers and brokers are unfamiliar with. Use our knowledge here as Germany’s first EBZ-qualified real estate broker for inheritance properties.

In the past, we have often been able to regulate all the necessary steps in cooperation with the supervisors and competent local courts, so that the property can be sold safely and quickly. Benefit from our experience – we know the procedures required here.

Property inherited – description in the land register

Proof of succession must be presented to the land registry in order to be described, it is free of charge at the land registry within certain periods. In the case of a planned sale, this can also be postponed and then done together with the purchase contract. If you only rewrite the land register after the relevant deadlines, you will normally incur fees. You can make a binding decision with our network partners about when these deadlines begin, what needs to be considered and how you can proceed legally.

Call us and let us advise you. Together with the value of the property, we can usually estimate very well how long a sale of the property should take in your case and also advise you on this topic.

Property inherited – loans, debts, leases

The general rule is that an heir “inherits” all of these things, e.g. also existing debts, loan contracts with their terms, existing tenants with their rental contracts, manager contracts, speculation periods, the obligation to pay house fees and much more.

We clarify for you with the participating banks, tenants and property managers what the current situation is and what options you have.

Property inherited – inheritance tax

If you inherit a property, this process – like a gift – is subject to inheritance tax (§ 1 Inheritance Tax and Gift Tax Act, ErbStG). Inheritance tax is a very complex and extremely important issue.

The amount of inheritance tax, including A possible exemption for an inherited property depends on how high the value of the inherited property and the inherited property is and how, for example, the relationship to the deceased (“testator”) was. There are also general allowances, possibly exemptions for owner-occupied properties, possibly lower rates for rented properties, possible exemptions for listed properties and many other provisions that our network partners (e.g. tax advisors) know and can explain to you.

The question of the value of the inherited property is of central importance here. A determination of the value by the tax office in accordance with the valuation law will be announced to you in writing with a decision of the tax office. Here too there are important deadlines and procedures that must be followed if you do not agree to the determination of this value, or if you want to sell or have sold the property at a different value.

In an initial consultation, we clarify with you how to proceed here and what kind of technical support you should definitely take advantage of here. In addition, we provide you with our experts in matters of tax and inheritance law so that you do not make expensive mistakes.

Property inherited – turn down legacy

Sometimes it can make sense or even be necessary to turn down an inheritance. Depending on the value of the inherited property, the current level of debt on this property and also tax conditions, knocking out the inheritance can be the right solution. The effect of turning down an inheritance is also significant for the other heirs that follow, so you absolutely need competent advice.

Knocking out an inheritance may even result in you inheriting more than was specified in a will, among other things, as a beneficiary. Knocking out an inheritance may be the right way from a tax perspective. However, there are relatively short deadlines and clear procedures and regulations for this.

In our view, it is important to know the value of the inherited property as quickly as possible. We are your right contact for this. In addition, we have the necessary specialists in the network for all other questions, such as Specialist lawyers and tax consultants.

Property inherited – dispute among heirs

Sometimes there is simply no consensus among the heirs (the "overall community"). One heir wants to sell the property as soon as possible because he urgently needs the money, the other intends to keep the property himself at a reasonable price, the third heir is not interested in the topic at all, the fourth one wants it first to brush, renovate and clear out before it is put up for sale, which the other heirs consider unnecessarily expensive. If there is absolutely no joint solution, a divisional auction is sometimes used as a last resort, but this is associated with costs (expert reports, legal proceedings, lawyers, vacancies) and anger.

Over the past few years, we have been able to work out a solution that is satisfactory for everyone involved. We can determine the current market value of the property at short notice and recommend what is really necessary to sell a property based on our many years of experience. If desired, we can provide independent (certified or sworn) experts. If necessary, we can accompany you to a division auction with our specialists.

Property inherited – sell order

It is not advisable that one of the heirs sell a jointly inherited property for the community of heirs. It is much more purposeful and better to hand this over to experienced experts so that, on the one hand, the sale is as professional and safe as possible, and on the other hand, later disputes among the heirs can be avoided. Our certified qualification as a “specialist estate agent for inheritance properties (EBZ)” brings you decisive advantages here.

Only all heirs together can place an order to sell an inherited property. But what about a legacy, what about mandatory shares or an heir’s right of first refusal? If necessary, we recommend you to one of our specialists in the network, e.g. a specialist lawyer for inheritance law or notary to answer the legal questions. In sales, we observe all requirements, key data, subject areas and necessities known to us as specialists.

We take care of the regular information of all heirs involved and the details in the purchase contract that are important to the individual co-heirs. We clarify with you who has to sign the sales order and arrange all of this for you.

Property inherited – records and documents

When an inherited property is sold, the heirs often have little or no documentation of the property at their disposal. We know which documents are urgently needed to sell a property and have the experience and knowledge of where to get all the important documents. We obtain documents such as land register extracts, energy certificates, plans, floor plans, construction documents, rental contracts or documents from property management if you cannot find them or have them.

Try us. With our “all-round carefree package” we take care of all relevant documents.

Property inherited – what should be considered when selling

In our view, when selling an inherited property, a number of things are different, more complicated and more difficult than is the case with your own property you own. Especially if you have been "on site" little or never before, the question arises as to what you should or should not state in a "standard purchase contract".

We and our notaries in the network will be happy to advise you professionally and very comprehensively on this extremely important and economically risky topic.

Property inherited – notary appointment

If a buyer is found for your inherited property, we have a purchase contract drawn up with a notary with the agreed content. We instruct the notary to include what we consider to be important features of an inheritance sale in the sales contract. In the case of heirs living abroad or far away, we work with notaries near the heirs or the German embassies abroad (e.g. to approve the sales contract). Here, too, we have a lot of experience through several sales.

Which powers of attorney you need or what they look like – We or our notaries or lawyers in the network will be happy to advise you here.

Inherited property – construction conflict

If a property has been inherited by several heirs, must with the Sale or even afterwards a "construction discussion" take place. The purchase price must somehow be distributed between the heirs. There are a number of procedures to be considered here, depending on whether and how the land register has already been rewritten, how far the remaining inheritance has already been dealt with and what a possibly existing will looks like. The question of the compulsory shares must also be considered here.

We or our notaries, tax advisors and specialist lawyers in the network will be happy to advise you on the right and most cost-effective way to do this.

Property inherited – surrendered after sale

A correct and safe handover of an inherited property after the sale or the clarification of the formalities regarding letting (rental contracts, security deposit) are important points that belong to our full service package. In order to avoid discrepancies, unnecessary costs and later annoyance, we generally recommend a complete handover with minutes and signatures of the buyer (and seller) for each property sold. This is particularly important for inherited real estate. If you are not there as an heir, we can do this on your behalf without your presence.

We take care of all the formalities for handing over your property.