How long can property be left in deceased parents names?

I have seen it done and have handled estates where the heirs did not do a new deed as you describe. As a word of caution, if you are receiving any senior citizen discounts or other discounts from the taxing bodies that applied to your aged parents, the taxing bodies may seek reimbursement if they ultimately find out. Also, if the parents died and children or other heirs have inherited this house, inheritance tax is owed and an inheritance tax return should be filed promptly. In addition, if no estate has been opened for the surviving parent that has just passed, an estate will need to be opened in the future if title is to pass to the next buyer. It will really cause a delay and extra money for you if you go to sell the house 10 years from now and the title company requires you to hire an attorney and open an estate in a few days so you don't lose the buyer. You really should review the situation with an attorney.