Probate is the legal process where a will is validated, an executor or personal representative is appointed to administer an estate, debts are paid, and the remaining assets are passed on to the decedent’s beneficiaries. It can also be seen as a legal process that involves the transfer of property from an estate to the property holder’s beneficiaries. And as an executor of an estate you may have to sell off real estate not directly willed to a specific beneficiary. Selling a real estate during probate requires careful adherence to estate laws, and the requirements laid out must be followed strictly. It should be noted that the general process of selling real estate during probate is a consistent one that cuts across jurisdictions.
However, selling real estate during probation can be an intimidating process, that can cause strain on a family, but with good knowledge, it can be made easy. Nevertheless, real estate is sold in probate court when the owner of a property passes away. And if there is no appointed heir when the owner passes, the property is turned over to the courts and then appointed to the closest relative as the executor to sell the property.
Furthermore, the Executor can decide to sell the property in order to distribute the estate. This will require a Grant of Probate in order for the sale to close. A Grant of Probate essentially guarantees that a will is valid and the last will of the deceased. Notwithstanding, the following can serve as a guide on how you can sell real estate during probate.
The first important thing to do will be to appraise the property that you wish to sell during probate using an independent certified appraiser. An appraiser can be found either by asking a real estate agent or real estate attorney for a recommendation.
Thereafter, you can obtain a petition to sell real estate from the court. File a petition with the court, asking for permission to sell the home. The petition will be filed along with the independent appraisal with the court awaiting approval from the probate court allowing the sale. Note that when you petition the court, be sure to explain the method of sale, whether you intend to sell at auction or on the open market.
The next step will be to place the real estate up for sale and be ready to accept an offer from a buyer. When you close the contract, make sure the buyer has lined up enough financing to cover all of the costs related to the property. More so, you can petition the court for a hearing so as to confirm the sale.
Always keep it in mind that you can advertise the sale along with the offered price from the buyer. Advertisement is important because it will inform the public of the sale in order to allow for open bidding at the court hearing among other interested parties. This will further enable the best price for the estate to be gotten. Also try to attend the court hearing and refund the deposit to the original buyer if there is a confirmation of a new buyer’s overbid.
Selling of the real estate is brought to an end by closing the contract. You must ensure the financing is sufficient to cover the cost of the property.
Freedom Cash Home Buyers has recently helped a Miami Gardens family with a probate you can read about it here: Freedom Cash Home Buyers helps Miami Gardens Homeowners during probate process