Estate Sales: What You Need to Know
Did you just inherit a house? Do you know what this entails? It’s normal to have a lot of questions so here is some information that will help you better understand the various issues.
Proof of right of inheritance
To receive an inheritance, a person must have the required qualities as set out in the Civil Code of Quebec. For instance, they must be a legal person. They cannot be declared unworthy of inheriting.
For further information: Main Steps in Settling an Estate | Éducaloi (educaloi.qc.ca)
When can the property be sold?
Once all the beneficiaries agree to proceed with the sale of inherited property, the first step is to obtain a “declaration of transmission of an immovable”. This document is prepared by a notary. It is a notarial deed registered in the Quebec Land Register which formalizes the transfer of the property to the heirs.
What documentation must be provided for a declaration of transmission?
To register the transfer of ownership, the notary needs various documents such as the death certificate, will, deed of sale confirming that the deceased owned the property, certificate of location, and other documents depending on the situation.
Who decides whether to sell the house or not?
If the house is bequeathed to several people, they must unanimously agree on what to do with the property. Consequently, everyone must be in agreement before selling. If someone wants to keep it, the heirs will have to come to an amicable solution.
Is it better to carry out renovations before putting it for sale?
Major work is not recommended unless considered essential. Nevertheless, care should be taken to keep the property in good condition and presentable as you would do for any other house sale. This means regularly cleaning the house and taking care of the landscaping while waiting for the house to sell. Of course, any necessary repairs should be taken care of.
Should the house be emptied before the sale?
When it comes to estate sales, it’s tempting to empty the house as quickly as possible since we want to have closure after the death of a loved one. However, don’t be hasty: a vacant house can be more difficult to sell. Also, perhaps a buyer would be interested in buying the furniture left by the deceased. It would be preferable to follow the suggestions given by real estate brokers such as the need to declutter and depersonalize the house. Remove personal photos and family portraits and replace them with decorative and inspiring photos. The goal of staging is to provide potential buyers with a home in which they can imagine themselves living.
What if you want to sell quickly?
By working with a real estate broker, beneficiaries greatly reduce the sources of potential conflicts. A broker is the professional best suited to organize visits, receive offers and handle negotiations. The broker also knows the required documents and obligations.
Usually, heirs prefer a quick estate sale. An estate sale is always carried out without a legal warranty of quality. This frees the heirs from possible trouble with a property that they know little or nothing about. Evidently, this could result in a price adjustment, but if someone accepts this condition, the sale can be quickly concluded.
Do you want to sell? Talk to a real estate broker!
When the time comes to sell your property, it is always advantageous to use the services of a trained professional. A real estate broker will be your best ally! Estate sales are complex, and the risk of problems or errors is even greater than during a “normal” sale. Don’t take chances, find your broker on centris.ca.
For more information: Successions - Ministère de la justice (gouv.qc.ca)