Selling Probate Property

A complex reality that people might have to face is what happens to the house of a deceased relative. If a person dies as the sole owner of a property typically a probate process will be necessary. This legal process transfers the ownership of the property to those entitled to it. If there is a will in place, the home will be transferred according to the deceased's will. If there is no clear inheritor named the courts will establish the owner usually based on the closest kinship like spouse, children, parents, or siblings. The beneficiary may decide to keep or sell the house as probate property.

There are many things to consider before taking on the ownership of a property like inheritance tax, the deceased’s debt, home insurance, and maintenance of the property. Due to this many inheritors of property choose to sell. In some cases, the property must be sold to divide the proceeds or to pay off debts. Selling a probate property can be a special challenge. There are several steps in the legal process and in terms of real estate, there are many rules and regulations that need to be followed. When selling a property in probate, knowing what to expect can avoid unnecessarily stressful situations and reduce the time it takes to sell a probate property.

As a local expert, Buccaneer Realty Global can assist by making connections that will help ease the process. One of the first steps in the process is evaluating the value of the property. We have an established network of certified appraisers with experience specific to the communities we serve and will be able to determine the appropriate value for the estate. It is also important that we obtain appropriate disclosures for potential buyers. Knowing the specifics of the local rules and following all regulations can help avoid any challenges to the sale.