What Are the Priorities for the Executor?
The priority for an executor who will be selling a probate house is to file the petition to appoint the executor to start the estate disbursement process. This appointment is the first step because the courts are busy, and it can take several weeks to get before the court.
The next two priorities involve the attorney and real estate agent. Contracting with a real estate agent with experience and knowledge of the probate process is highly important because several complications can occur when selling a house in probate.
An experienced agent will know how to avoid any issues and how to handle unavoidable complications. The most striking example is getting contractors to improve the house without being paid until the sale is completed. An intelligent agent will have a working relationship with contractors willing to wait to be paid from the sale proceeds.
Besides the agent, you need an experienced estate attorney who will ensure that all paperwork is appropriately handled and turned in by the deadline. Besides handling the non-real property matters, the attorney will also make sure the sale is conducted with proper attention to all legal requirements. This strategy can prevent headaches years later.
The executor must follow all legal disclosure requirements for the property sale. This report can be complicated if they do not know certain things because they never lived in the house. Therefore, a competent attorney is essential because they can make sure that the executor does all things in the legally appropriate manner.
Who Needs to Be Involved?
Several people must be involved in the sale of a probate house, the executor, the inheritor(s), the estate attorney, the seller’s real estate agent, the court, the buyer, and the buyer’s agent. One of the agents’ duties for the seller is to make sure the buyer’s agent knows the difference in a probate sale.
What Complications Can Occur?
With complex estates, complex family structures, and complex laws, the possible complications in selling a probate property are varied.
The most frequent complications are delays since so many steps must go before the court. When there are multiple inheritors, they all get a say in accepting the offer. Squabbling family members of the deceased can cause many problems. It is also possible that someone can petition the court with a higher offer.
If you have been tasked with being an estate executor, the process of selling real property in probate is not simple. This issue is one task that must be approached with care and deliberation, and it is best to seek professional help.
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.