What You Need to Know About a Probate Sale in Charlotte, NC

Are you an executor selling a house in probate? Are you interested in purchasing a house in probate? Either way, this is a complicated process. It is imperative to know the process and how to navigate through it.

Legal Framework and Rationale for the Probate Process?

There is a deliberate intention behind the probate process. This process is intended to slow the estate disbursement process down, so the executor does not make emotional decisions. It is also intended to ensure that the property is sold for a fair price.  

This process is summarized below:

Being Involved In Probate House
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The court will validate the will and appoint an executor for the estate.
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The property is appraised and then put on the market. This action is taken for purposes of estate evaluation.
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Once an offer is received, the executor can preliminarily accept it, but the court has to approve the sale.
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With multiple inheritors, they are all given notice of the sale and be allowed to make comments.

Who Inherits When There Is No Will?

The North Carolina rules of inherited property without a will are laid out in the state succession laws. This issue frequently leads to a situation with multiple inheritors, and it may be necessary to sell the home to disperse the estate.
 

Below is a synopsis of how this can play out:

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If there is no spouse or children but living parents, the parents inherit equally.
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With a spouse and parents but no children, the spouse will receive half the property, and the parents will receive the other half.
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If a spouse survives, but there are no children or parents, the spouse inherits the property.
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When there are a spouse and one surviving child, they each inherit half of the property.
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If there are a spouse and two or more surviving children, the spouse receives one-third of the property, and the children evenly split the remaining two thirds.
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When there are neither spouse, children, or parents surviving, there is a process for identifying the next closest living relative to receive the property.
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When there is a will but no beneficiaries or remote relatives, the executor sells the house and the state’s property escheats.

What if More Than One Person Inherits the Property?

When more than one person inherits real property or land in Charlotte, NC, selling it can be more complicated. The frequent situation involves siblings who end up co-owners of the property. This situation is referred to as Heir Property and has specific legal requirements. All co-owners have equal legal rights to the property. This law includes the right to live in the house, and they cannot lock one another out, which means that they all must agree to sell the property, and they must all agree to the terms of sale.

Being involved in the sale of a probate house can be complicated, but having a professional probate real estate agency with you can make a world of a difference. If you are interested in selling a property in probate, please be sure to 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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