Sell My Inherited House in South Carolina

When a family member dies, and you inherit the home, you can sell it, but there are several steps to consider before doing so. If you want to sell an inherited house in South Carolina, you must first go through the probate process and ensure that you are given the right to sell. Whether you are looking for the fastest way to sell the home or how to pay off a mortgage on the home to remain there, consider these steps and strategies. 

Can I Sell an Inherited House in South Carolina?

Yes, if you inherit a home in South Carolina, you have the legal right to sell it. However, the home and the rest of the estate must go through probate first. 

Probate is a legal process that allows for a deceased person’s will to be executed or, if there is no will, for the state to determine who should inherit the home and other assets. Probate is the process of legally distributing the property to whoever has a claim on it.

Once a family member dies, anyone that has a claim against that person or their estate has a right to make that claim known to the court. The court then decides if and how to pay these debts owed before distributing assets. 

Here is a look at what the probate process in South Carolina is like:

• Submit the property owner’s death certificate to begin the probate process.
• You will need to provide a copy of the will if available.
• Show proof of ownership of the home.
• Follow the necessary steps to complete probate, which generally requires a period of time for claims to be made against the property. Meet all of the court’s requirements. 
• If there is a mortgage on the home, the person inheriting it must pay off the mortgage in full. 
• The probate process can take up to 15 months or so in South Carolina and must follow the state’s laws. 

Once this process ends, you retain legal ownership of the home. If you paid off the mortgage, you can do with the home what you want. 

How to Sell an Inherited House in South Carolina

Once the probate process concludes, you have the right to sell the home as you would any other property. If you decide that you do not want to own the home, you have several options for paying it off. 

Real estate agents

You can list the home on the market and wait for qualified buyers to make an offer on it. This process is the same as listing any home for sale. Keep in mind you’ll need to pay for the marketing and real estate agent’s fees for this process.

Cash home-buying companies

A second option is to sell to a specialized cash home buyer. You can find a person to buy the home from you outright, but that can be challenging. Alternatively, there are companies that will purchase the home from you at a competitive rate so they can rehab and sell it again.

Taxes on Selling an Inherited Home in South Carolina

There are taxes on inherited property:

• Transfer tax: This is a fee you pay to the local government when transferring the property to your ownership.
• Property tax: Any applicable property tax owed on the home must be paid at that time.
• Capital gains tax: If the home’s value has increased substantially since it was purchased, there may be an additional cost in capital gains taxes. 

Selling a House in South Carolina with Multiple Inheritors

There are situations where more than one person may inherit the home, such as the children of a person both receiving equal share in the home. If you both agree to sell the home, you can do so and split the value. If not, the person who wishes to own the home must buy out the share from the other.

FAQ on Inherited House in South Carolina

Can you sell a house while in probate in South Carolina?

It may be possible to sell a home while in probate if you get the court to approve the process. This may be done as a way to equally split assets, for example, between inheritors. 

Does South Carolina have an inheritance tax?

There is no inheritance levied in South Carolina. 

Is there a time limit on selling inherited property in South Carolina?

You are not required to sell a house in South Carolina. There is no time limit on when this must occur.

How to pay off the mortgage on an inherited property in South Carolina

When you sell the home, you can use the proceeds from the sale to pay off the balance on the mortgage. Alternatively, you can transfer the mortgage into your name if the lender agrees to do so. You can also allow the home to go through the foreclosure process, in which you would not receive funds for anything owed to the bank.