updated 10/24/2022
The process of selling real estate property via probate or a trust comprises several steps regulated by a probate court that must be carefully followed. The court-mandated deadlines are unforgiving, and the court’s commands must be followed to the letter throughout the property’s advertising, negotiation, and sale.
Apart from the court personnel, the sale of real estate via probate includes attorneys representing the estate, an estate administrator or executor, the realtor representing the estate, the buyers’ realtors, and the buyers themselves. Each of these parties must follow the probate court’s rules, regulations, and deadlines.
Due to the involvement of a court and court processes, probate or trust sales comprise various contracts and documents that require to be disclosed, which isn’t something that happens in other real estate transactions. If you want to sell real estate via probate, you should consult a probate lawyer. Moreover, your realtor should be experienced in probate and trust sales and be able to explain the documentation in simplified language.
Clear communication between you and your realtor is vital during this time. To help you understand the entire process of probate and trust sales, we have outlined three simple steps to selling real estate in probate, including standard will costs.
Can you probate without a will? Yes, when a homeowner has no will or doesn’t name a beneficiary for his estate, this is what goes to probate court. How do you find out the executor of an estate? If the homeowner didn’t name someone to be a representative of their estate, a probate court could appoint an executor on their behalf.
Once appointed, the executor will sell the deceased’s estate, including the house and properties such as vehicles, businesses, etc. The money from property sales will be used to settle the deceased’s dues or distributed to family members or other beneficiaries.
Selling a house or property on probate has unique challenges not witnessed in typical home sales. If you’re the executor, you ought to know how to administer an estate to smoothen the process of selling the deceased’s belongings.
However, you can consult a probate litigation attorney to ensure that you strictly follow all legal requirements pertaining to the matter. Since you don’t own the property, you’ll need the court’s go-ahead for everything you do. Let’s look at three tips for selling a house in probate.
When you’re handling the assets of deceased person interests, you’ll likely need to deal with probate. Can you avoid probate? In some instances, yes. But you shouldn’t assume you can. This is why you should work with probate law offices to get the work done.
A lawyer can make sure that everything is handled professionally and legally when it comes to what happens to your loved one’s assets. They can keep things objective at a time when emotions are often running high. This can help you all get through the process much faster than you would if you were trying to handle it all yourselves.
A probate lawyer can answer any questions you have as well. Can you get a copy of a will online? This isn’t likely, but it could depend on the situation. Can you do a succession without a lawyer? Again, it will depend on your region and your situation. But without a lawyer, you risk making mistakes that a lawyer could avoid. So the best thing for everybody involved will be to work with a lawyer.
While no one really wants to have to worry about dealing with finances in the wake of losing a loved one, the truth is it is a fact of life. If you have inherited property that you intend to sell, it is important to begin the sale process as early as possible.
In order to be reap the most benefit, you first should look into whether there are any mortgages or liens on the property, or probate problems that need to be paid on behalf of the deceased owner. Before beginning the process of the sale of inherited real estate, you also should research the current value of comparable properties in the area, and look into the process of obtaining a fiduciary loan.
The first step in a sale of inherited real estate is to pay off any existing mortgages due on the house, as well as any outstanding property taxes and then keep them current. There may be other bills, which will need to be paid out of the sale of the property, or through a fiduciary loan.
Remember that unfortunately, not all properties inherited come free and clear. If you are in need of some assistance, you can apply for inheritance advance loans, or fiduciary loans, in order to help you fund the bills.
Before you officially begin your sale of inherited real estate, you may want to consider having an estate sale or auction. If you are not attached to the items in the home, an estate sale may reduce the length of time you will be responsible for continuing to maintain the home.
Finally, contact a real estate agent to sell the property for you. Selling real estate in probate in probate can be difficult, so it is best to leave it to the professionals. The sale of inherited real estate can be relatively overwhelming, but with the help of a competent real estate agent, a fiduciary loan, and by following these simple steps, you will eliminate a ton of the stress typically associated with probating real estate.
