Selling an Inherited Home in Little River, SC

This page is general information about selling a home from an estate or trust in South Carolina. It is not legal advice. Who may sell, and how, depends on the will, the trust document, and the court, so please talk with the estate attorney before you act. I am a real estate professional, not a lawyer, and my part is the sale itself.

Disclosure. South Carolina's disclosure law does not apply to a transfer by a fiduciary in the course of administering a decedent's estate or a trust; whether your sale qualifies is the attorney's call.

The deed fee. A sale to a buyer carries the deed recording fee of $1.85 per $500 of value, $925 on a $250,000 sale. A deed of distribution that simply passes the house to an heir under the probate code is not subject to that fee.

The tax bill. If the house was the owner's legal residence and no heir moves in, ask the attorney and the county whether the 4 percent rate still applies, because other property is assessed at 6 percent. Horry mails tax notices October 1, due January 15.

We compare the as-is price, the after-repair price, and the repair costs and time. For tax purposes, an inherited house generally takes a basis equal to its fair market value on the date of death, or the later alternate valuation date the personal representative chooses, according to IRS Publication 523. When heirs disagree, the estate attorney decides how it is resolved, and every heir gets the same comps from me. See what your Little River home is worth and selling your home in Little River, and call me when you are ready.