Some Important Facts To Know About Probate Realty
Posted on: 1 November 2021
If someone in your family has died and left a home behind, you may have to deal with legal matters that concern probate realty. Whether the property will ultimately be transferred to you or someone else who was named in the person's will or put on the market for sale, you'll want to gather as much information as you can about the probate real estate process and work with knowledgeable advisors who can provide additional guidance. Here are a few important facts that you should know about how probate realty works.
The person's will must be reviewed
If the person who owned the home wrote a will before they died, the will must be reviewed by an executor to verify its authenticity before the property can be transferred legally. With help from a probate attorney, you can file a petition at a probate court to initiate the process. After the contents of the will have been reviewed and the beneficiaries have been allotted what was granted to them in the will, the property can then be transferred accordingly.
The probate court will intervene if no property beneficiaries were named
The home will automatically go through the probate process even if the person didn't leave a will or name any heirs to the property. Fortunately, the home can be sold while it's still in probate if the court approves. You might not have to wait until the entire probate process is complete before selling the home if you were named the executor of the estate and no other beneficiaries of the property were named. However, the court will control all matters pertaining to the appraisal, bidding, and selling of the home. Selling the home may be best if you can't afford the costs of maintaining the property, and a probate real estate agent or broker can be hired to help you find a suitable buyer.
Probate properties are hot items for some private buyers and investors
Some property investors are interested in buying homes that are currently in probate, and you might get a great deal on the property if you sell to one of these investors. It's also possible to find private buyers who want to purchase probate properties, but you might get offers from some of these buyers that are well below the home's value. However, if you want to sell the home quickly while it's still in probate, accepting a lower offer from a buyer with the probate court's approval can help you close the deal faster.
You might save on renovation costs if you sell the home while it's in probate
Buyers are often more willing to accept probate homes in their current conditions because of the great deals they can get on them. If you don't want to have to invest money in renovations to the property, selling the home while it's still in probate can alleviate your burden. However, a seller who wants to buy the home might still hire an inspector to look over the property for any defects before they agree to the deal, so you might want to have any obvious problems fixed with the court's approval before the home is listed.
Probate realty involves many intricate details that can cause a lot of confusion for people. Probate real estate agents and brokers who handle probate property sales regularly are available to help clear up a lot of the confusion and assist with each probate home sale.
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