Probate is the legal way of selling the real estate property owned by a deceased person under court supervision. In a Probate, the spouse or the adult child of the deceased is appointed by the deceased if there is a will, or by the court if there is no will to oversee the real estate property.
You should know that a probate sale is different from a regular sale. This is because the court retains control over the progress of the sale. However, if you intend to purchase or sell a house that is in probate, there are certain things you must understand. This is why we have come up with this article to equip you with more information on the NC probate process and how to avoid probate in NC.
Since it is a Probate House, Will I Get the Best Deal?
You should know that buying a probate home has a different process when compared to buying a repossessed home. Since the owner of the property is dead, it will be easier to get the house at a good price. The entire probate process is created to help you go through the purchasing process with ease and get the home at the best price.
One major thing that makes investors want to buy a probate house instead of a repossessed one is that the property vendor will ensure that the house goes through necessary repairs. In a repossessed home, repairs will not be made.
What to Do If There is a Will in Place?
These actions include:
Having the house on joint ownership
Community property law applies to the house
Appointing a living trust to oversee the property.
Converting the property to a transfer on a deadly deed.
What If There is No Will?
They are summarized below:
If the spouse is the sole survivor, they will inherit the property.
If there are a spouse and other children, the spouse will take one-third of the property, and the children will share the rest.
If the deceased has no spouse or children, the parents will inherit everything.
Work with Maverick Property Group, Mooresville, NC, To Get the Best Probate Deals!
At Maverick Property Group, LLC, we will offer you the support you need in due time.
We also have a wide large nationwide network of resources across North Carolina. Please, feel free to contact us today and let us know how we can help you.