When someone passes away, their personal belongings, assets, and property are passed down to their heirs or beneficiaries. Sometimes, this process can involve a court proceeding called probate.
When it comes to selling a house that is part of a probate estate, there are some additional steps and considerations that an executor or administrator should be aware of in Charleston. In this blog post, we’ll cover the basics of probate sales and provide an executor’s guide to selling a house.
What is Probate?
Probate is a legal procedure that takes place when someone passes away. It involves the court overseeing the process of distributing the person’s assets and paying off any debts or taxes that may be owed.
If the person owned real estate, such as a house, that property will typically be included in the probate process. Probate can take several months or even years to complete, depending on the complexity of the estate.
Selling a House in Probate
If a house is part of a probate estate, it cannot be sold until the court has given its approval. The executor of the estate must petition the court for permission to sell the property. Once the court approves the sale, the executor can proceed with listing the house for sale.
It is important to note that the sale price of the house must be at or above its fair market value, as determined by an appraisal or other means.
Who can sell probate property?
Not everyone can be authorized to sell probate property. They can be sold by a select group of individuals and institutions, and must be authorized by their respective probate court.
Here are some examples of who can sell probate property:
- The person who was named in the Will to distribute and close the estate), also known as the executor
- The person appointed by the court to manage and close the estate when there is no Will)
- The probate court
- Heirs who want to sell property that they inherited through the entire process
Preparing the House for Sale
Before listing the house for sale, the executor should ensure that it is in good condition and ready to be shown to potential buyers. This may involve cleaning, making minor repairs, or even hiring a professional cleaning or staging company. It is important to present the house in the best possible light to attract qualified buyers.
Working with a Real Estate Professional
Selling a house in probate can be a complex process, and it’s important to work with a real estate professional who has experience in this area. A probate sale may involve working with attorneys, appraisers, and court officials, as well as potential buyers. A real estate agent who is familiar with probate sales can help guide the executor through the process and ensure that everything is done correctly.
Sell Your Probate Home Quickly and Legally
Selling a house that is part of a probate estate can be a daunting task, but it doesn’t have to be. By understanding the basics of probate sales and working with a real estate professional who has experience in this area, the executor can successfully navigate the process and ensure that the property is sold for a fair price. If you are an executor or administrator of a probate estate, be sure to consult with legal and real estate professionals to ensure that everything is done properly. With the right guidance, selling a house in probate can be a smooth and successful process.
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