When the owner of a property dies without a will, the court or the administration takes over the ownership of the property and sells it, and the proceeds are used to either pay off creditors or to distribute to family members and beneficiaries. Selling a probate property might take longer than selling a normal property because of the legal complications involved in it.
Not many people actually know about probate. This is why the situation suddenly appears difficult; because of the ambiguity of the terms involved, there needs to be a complete grasp over the events that take place in this process. In order to sell a probate house, one must be careful, cautious, and well-informed about anything and everything. These are the five factors to keep in mind for the smooth running of the process –
- Applying for a Grant of Probate
Applying for the right to deal with someone’s estate according to their will, is called applying for the grant of probate. It is an official document confirming the validity of the will if there’s any. One needs to apply for that in order to ensure that he/she can at least start the process of selling the house.
- Seek Expert Advice or Intervention
The tricky legal situations would make it difficult for someone inexperienced to manage. Therefore, one needs an experienced agent or a third party home-buyers’ organization which mediates and gives advice as to what should be done.
- Appraise the Property
If you have already hired an agent from a third party, they should be able to work with you on the appraisal of the property. The property must sell for at least 90% of the appraised value.
- Market the Property
Give the property some exposure in the market through home-buyers and sites, informing them that this is a probate sale. An offer, when made with a 10% deposit, will allow the estate representative, through their attorney, to appeal to the court to confirm the sale. And the court gives a future date for the settlement to be finalized.
- Sale of the Property
The assurance of No Objection from the heirs regarding the proposed sale of the property is needed. If there is no objection, the sale can proceed without the court’s intervention, and therefore, the court’s role in this property’s business ends with the process of bidding and overbidding—10% deposit to go to the Executor at the hearing of the winning bid.
Selling a probate home is tricky and challenging, to say the very least. Try to stay well-informed of every step, every legal intricacy, and choose the best and the most trustworthy agent or third party home-buyers to work for your benefit. It is all about being calm and staying confident in tricky situations, and it does not have to be a dreadful experience.
With these tips, you will surely sail through the property sale.
Keep in mind the importance of the agents and the probate lawyers to ensure that things run smoothly and everything else will fall into place.