Can You Sell A House In Probate Guide, Home Sales Tips, Real Estate Advice
Can You Sell A House In Probate?
7 August, 2020
If you’re designated as an executor of a deceased person’s will, you might find yourself wondering if you can sell a house in probate. Well, the answer to that question is ‘yes.’ However, selling a probate real estate has a different process compared to a traditional home sale procedure. You have to be ready for the potential complications that might come along the way.
Thus, if you’re planning to sell a house in probate, discussed below is everything you need to know about the process.
What Is Probate?
Primarily, probate refers to a legal process in which the heirs and beneficiaries legally obtain the assets given to them in a will. It’s where the executor named in the will should obtain permission from the court to administer the estate of the deceased person.
Also, the primary purpose of probate is to prevent any fraudulent acts that might be committed after someone died. For instance, the court will take a closer look at one of the estate’s largest asset, and that’s the house. That’s why if you’re selling a house in probate, you certainly need to be familiar with the detailed rules on timelines, deadlines, and paperwork to avoid delays and problems in the sale of the property.
How Can You Sell A House In Probate?
As mentioned, selling a probate property is possible, provided you comply with all the requirements provided by the court. Just like a traditional house sale, there are steps involved if you decide to dispose of the house during probate. These can include:
- Provide A Death Certificate
Before you can successfully sell a house in probate, you should register the death of person who executed the will. The death registration is one of the requirements for a probate application process. To streamline this procedure, be sure you have the original copy of the will when registering the death of the person.
- Know The Value Of The House
Unless you’re an expert in real estate, you’ll need the help of professionals to determine the value of the property. Generally, the price value of the house under probate is necessary when applying for a grant of probate.
As such, you can contact some real estate agents to get the house valued. However, if you’re selling a property in cities like Norfolk, Virginia, you can work with reliable home buyers in Norfolk VA to help you with the valuation. They’re local real estate investment firms that are willing to pay cash for houses, which is why they can make you an offer immediately.
Therefore, if you’re looking for a quick valuation of your house, call these home buyers to simplify the selling process.
- Check The Title Of The Property
Since the property to be sold is under probate, it’s extremely important to check the title of the house before engaging in the selling process. By doing this, you’ll be aware of any restrictions associated with the land or the building in it. To get started, visit the land registry office in your place and find the paper title. If you’re looking for the easiest way to do this, you can check them electronically.
- Apply For A Grant Of Probate
When selling a house in probate, the final step should be the application for a grant of probate. It’s essentially a legal document that confirms that the person stated on it is authorized to manage the estate of the deceased person, including a sale of a house under probate. Just fill in the application form and pay the fee to start the process.
With this official document in place, you can be able to complete the sale without trouble. However, given the complexity of a probate process, you might have to wait for several months for the issuance of a grant of probate. Despite the lengthy process, you can still push through with the property’s valuation and place it on the market for sale. In case someone makes an offer on the house, you can still accommodate it, but you can only close the deal once the grant of probate is issued.
Luckily, there are real estate companies that are willing to purchase houses under probate for fast cash. For example, if you’re selling a probate property in Houston, many home buyers in Houston are open for buying properties despite probate’s lengthy process.
- Settle The Inheritance Tax
Before you can be given with a grant of probate, one of the requirements is to calculate and pay the inheritance tax due on the deceased person’s estate. However, it’s essential to note that the settlement of inheritance tax isn’t affordable. Depending on where you are and the probate laws involved, the taxes can be very expensive.
Therefore, you need to prepare a considerable amount of money for paying taxes. In doing so, you can gain access to the deceased person’s estate and other related affairs.
If you want to sell a house without undergoing the traditional sale process, then a probate sale can be an excellent option. Although the process might seem complicated, it’s still possible to close a deal, provided you follow the procedures necessary for the completion of the sale.
Therefore, if you consider selling a house in probate, keep this information in mind so you’ll know what to do to get started with the process successfully.
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