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Our mother passed away two months ago and our father passed away last 2000. They owned a residential lot in Pampanga and our house in Quezon City. Both properties are in their names. We have been trying to sell the residential lot even before our mother died to pay for her medical bills. Until now, we haven't found any buyer. We do not plan to sell our house in Quezon City since it is our residence.
I have consulted a few lawyers on what needs to be done with the two properties. One lawyer said that we have to pay the inheritance tax within six months. Another lawyer said that we can get away with paying the inheritance tax. Another lawyer said something about the extrajudicial settlement. I do not know who is right.
I am not a lawyer and I do not understand all those legal jargons. What i need is a simple explanation on what we need to accomplish to allow us to sell the residential lot without any hitches and keep our house and lot in Quezon City. Of course, it would be best if we can keep any expense or tax to a minimum since the residential lot is not of high value, anyway.
I have consulted a few lawyers on what needs to be done with the two properties. One lawyer said that we have to pay the inheritance tax within six months. Another lawyer said that we can get away with paying the inheritance tax. Another lawyer said something about the extrajudicial settlement. I do not know who is right.
I am not a lawyer and I do not understand all those legal jargons. What i need is a simple explanation on what we need to accomplish to allow us to sell the residential lot without any hitches and keep our house and lot in Quezon City. Of course, it would be best if we can keep any expense or tax to a minimum since the residential lot is not of high value, anyway.
