The legal procedure of selling someone’s property after they pass way is probate. Most often, the deceased will already have provided a name for the person to oversee their estate i.e. the executor. Sometimes a case may arise that requires you or another beneficiary to make an application for probate. These three cases are:
The executor of the property, after being named and accepting the role, is responsible for organising the probate house sale.
In this article we will look at:
After initially being named as the executor of a property, you actually aren’t under pressure to meet any specific time restraints in terms of selling a house in probate. This ensures you can take ample time to go through every process properly.
Once all options have been considered and the house is ready to sell, the court can set a reasonable deadline for finishing the probate house sale. However, there are typically no strict timeframes set for selling a house in probate, and many courts extend the process into the subsequent year.
Oftentimes, people feel pressure to sell a house quickly but forget to consider the various factors that can impede the process. Maintain patience throughout the process of putting the house on the market and accepting an offer. You must understand that you will not be able to exchange contracts and complete a sale before executor status is confirmed.
Other typical delays include:
As the executor of the property you want to sell the property, but you might find yourself wondering if it’s possible to sell it on your own. Well, the executor is responsible for all proceedings regarding the deceased’s assets. So it’s important to take numerous things under consideration when naming an executor of your property, including:
Ultimately, the property executor is accountable for handling the entirety of the deceased’s estate. This means they have the final word when selling a house in probate. In addition, they aren’t required to obtain written permission from each beneficiary. Despite this responsibility, the process is not entirely autocratic. In fact, one of the main roles of the executor of property is to guarantee all choices made regarding the will reflect the best interests of the beneficiaries involved.
The biggest point of discussion between beneficiaries and the executor tends to be the inherited property’s sale price. Once all concerns have been communicated, the executor should consider each point of view, but ultimately have the power to sell the estate for a price they deem fair.
The job of the executor is to deal with the estate of the dead person for all beneficiaries. In some cases, the executor may have a share of the inheritance, making it appropriate for them to pass houses to themselves or at least a share thereof.
If they are the only named beneficiary, they inherit the entire worth of the deceased’s estate.
The executor typically makes the final decision when selling a house in probate. However, there may be a situation in which the executor wishes to buy the house themselves. In this case, they need to agree on a reasonable price with the other listed beneficiaries. The easiest method to determine a fair price is to undergo a professional valuation by an objective third party.
Thoroughly understanding the probate house sale process will help you handle the deceased’s estate fairly and effectively. Check out more of our articles for even more expert selling advice.