Inheriting a property comes with grief, responsibility and many questions, especially when several heirs are involved. This guide gives an initial orientation around the property side. It does not replace legal or tax advice; for that please turn to a notary, solicitor or tax adviser.
Sell, take over or let?
For an inherited property there are usually three routes:
- Sale and division. The property is sold and the proceeds divided among the heirs, often the simplest way to dissolve a community of heirs.
- Takeover by one heir. One heir keeps the property and pays out the others. The basis is a neutrally determined market value.
- Letting and keeping it. If the property is to stay in the family, letting can make sense, and we support you with letting and management.
The community of heirs: deciding together
If several people inherit together, they form a community of heirs (Erbengemeinschaft). Important decisions, such as selling the property, generally have to be made jointly. That can be challenging, especially when views differ.
Here a neutral partner with reliable figures helps. When everyone starts from the same, independently determined value, reaching agreement becomes much easier. For legal deadlocks, the notary or a specialist solicitor is the right point of contact.
Why the market value is decisive
The market value is the realistic value of the property. It is important in two respects at once:
- as a fair basis for the division or a buy-out among the heirs,
- as a basis for the tax office when it comes to inheritance tax.
Our free online valuation gives an initial orientation. For the exact market value, condition, location and particular features also matter, which we are happy to discuss with you personally where needed.
These documents are helpful
The more complete the documents, the smoother the process:
- A certificate of inheritance or will as proof of succession
- A land register extract and cadastral map
- Floor plans and a living-space calculation
- An energy certificate (mandatory for a sale)
- For flats, additionally the declaration of division and meeting minutes
If documents are missing, that is no problem, we help to obtain them.
Taxes and deadlines
Around an inheritance, inheritance tax and various deadlines play a role, as does the question of whether a speculation tax applies on a later sale. These topics depend heavily on the individual case and belong with your tax adviser and notary. We take care of the property and provide the basis needed for that.
How we support you in Freiberg
As a local agent in Freiberg and Mittelsachsen we take care of taking stock, a neutral assessment of the market value, preparation of the documents, marketing and the process through to the notary appointment, and on request also mediation between the heirs. That way a burdensome situation becomes an orderly solution.
Your next step
If you have inherited a property and are unsure how to proceed, get in touch with us, without obligation and discreetly. You will also find an overview on our page An inherited property. We show you the options and find the right route together.