An inherited multiplex often means three children, an appointed liquidator, tenants calling, a furnace to fix and nobody who wants to become a landlord. Most estates choose to sell. Here is how to do it without the building becoming a source of conflict for two years.
The liquidator (named in the will or by the heirs) signs the sale, after taking inventory of the estate and obtaining the heirs’ consent where required. A declaration of transmission must be registered in the land register before the notary can pass the deed. Count a few weeks; a direct buyer can sign a promise to purchase now and set the closing for the date the estate is ready.
At death, the building is deemed sold at fair market value: the capital gain your parents accumulated is taxed in their final return (unless it rolls over to a surviving spouse). The heirs then receive the building at that value. In practice: selling shortly after death, at market price, generates little or no extra tax for the estate. Waiting two years hoping for a better price means two years of management — and a new gain to report.
The disagreement is almost always about price: one thinks the building is worth 2 million, another wants it gone. A written offer from a buyer who purchases regularly in the area settles it better than any family discussion: a real number, signed, with a date. Ask for one before deciding; it commits you to nothing.
Leases continue; rents are owed to the estate. Appoint one person to answer tenants and collect rent, keep proof of payment, and do not start renovations: a buyer who purchases as is will do them himself, and you will never recover in the price what you spent in a hurry.
A listing brings showings, offers conditional on financing and buyers who renegotiate after inspection — everything an estate lacks the patience for. And the 4 to 6% commission comes out of what goes to the heirs. A direct sale to a buyer who keeps the tenants, pays cash and signs on the estate’s date removes 90% of the friction.
“Selling a building you have owned for over 20 years is a decisive event that requires much reflection. Their professionalism and open communication gave me full confidence.” — Jayasam B., seller
Get an offer for the buildingGeneral information; the estate’s notary and your accountant remain your references for your file.
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