A Property In Charlotte, NC Is in Probate. What Does That Mean?

Are you interested in buying land in Charlotte, NC, that is in probate? Do you need to sell a probate house? Whether you are the buyer or the seller, it is critical to understand the probate process.

Will I get a great deal by buying a probate house?

Buying a probate house is not like buying a repossessed house. The probate process is designed to ensure that the house is sold for the best price, and the sale price should be near the house’s market value. However, one benefit of buying a probate house over a repossession is that the estate can make needed repairs to the property. Even if a repossessed house is in poor enough condition that a lender will not approve the mortgage, repairs will not be made.

Are you inheriting real property in North Carolina?

If you know that you will be inheriting property, make sure a will is in place. That does not prevent the probate process, but it can prevent complications and delays. Some actions or circumstances can prevent the probate process, as long as they are completed before death.These actions or circumstances include:

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Create a living trust.
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Put the property in joint ownership.
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Check if the community property law applies.
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Convert the property to a transfer on death deed.
Probate Process

What if There Is No Will?

The North Carolina rules of inherited property without a will can be found in the state succession laws. These are summarized here:

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When the deceased has no spouse or children, their parents inherit the property equally.
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When the deceased is survived by a spouse and parent, the spouse receives half, and the parents split the other half.
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When a spouse is a sole survivor, they will inherit everything.
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A surviving spouse and one child equally inherit the property.
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If there are a surviving spouse and two or more children, the spouse inherits ⅓ of the property, and the children evenly split the rest.
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If the deceased has no close relatives, the property goes to more remote relatives. If there are none to be found, the property escheats to North Carolina.

How Does This Work?

Once the will is validated, an executor appointed, and the property appraised, the house can be listed on the market. If any repairs must be made, the executor can use the estate funds to pay for it. If there are none, the work can be contracted out of the property sale’s proceeds. This option will require finding a contractor willing to do the work before being paid.
Once an acceptable offer is received, the inheritors are notified and given time to comment. Then the offer is brought before the court to approve. Other buyers are also allowed to submit petitions to the court. Bidding wars in court, or before, must be increased by preset amounts.
Probate property sales are complicated and should be approached carefully. If you are interested in selling a property in probate, please contact Maverick Property Group, LLC. We strive to help our clients find the best solutions to their complex real estate problems.

If You Need More Information About A Property In Probate Please Contact Us

We have helped many clients to sell or buy properties in probate and we are happy to help you by sharing our expert advise. Feel free to call us today.

 

Call: (704) 614-6699

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