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

Christian Neteler, branch manager at VON POLL IMMOBILIEN Hannover, explains: "If several heirs jointly manage an inherited estate, 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 the correction of the land register, the assumption of rental agreements - if the property is rented out - administrative obligations, the obligation to provide information to co-heirs and the payment of estate liabilities such as inheritance tax.

The land register correction 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 testamentary disposition or 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? Christian Neteler and his team at VON POLL IMMOBILIEN Hannover 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.