Real estate inheritance: What should a community of heirs look out for?

Property inheritance: what should a community of heirs look out for?

Inheriting a property is generally a positive thing. However, an inheritance also brings with it many emotions and legal issues. Especially when several surviving dependants inherit a property and then form a community of heirs in accordance with Section 2023 (1) of the German Civil Code.

Nadin Ostendorf, branch manager at VON POLL IMMOBILIEN Krefeld, explains: "When several heirs jointly manage an inherited property, a so-called community of heirs is created. This can occur, for example, if there is no sole heir, through intestate succession or a testamentary disposition or contract of inheritance in which the testator has designated several heirs." In a community of heirs, each heir has an inheritance quota that determines the size of the individual inheritance share.

If a community of heirs comes into being, it must fulfill certain obligations. These include land register rectification, the assumption of rental agreements - if the property is rented out - administrative obligations, the duty to provide information to co-heirs and the payment of estate liabilities such as inheritance tax.

The land register rectification can only be avoided if the community of heirs unanimously decides to sell the property immediately after the inheritance. If the property is sold, the proceeds are divided among the co-heirs according to the will or the order of succession. The advantages are obvious: the co-heirs can use the proceeds of the sale immediately for their own purposes, the inheritance process is completed quickly and there are no ongoing costs for the co-heirs.

Are you also considering selling your property? Nadin Ostendorf and her team at VON POLL IMMOBILIEN Krefeld will help you determine the market value of your property, organize viewing appointments and provide support throughout the entire process right up to the notary appointment.

You can reach the VON POLL IMMOBILIEN experts in Krefeld by phone on 02151- 93 188 0, by email at [email protected] on the Internet at www.von-poll.com/krefeld or visit the store directly at Marktstraße 8.