You’re only able to sell inherited real estate after that estate has entirely gone through the probate process. Probate is a specific legal process in which an estate is settled according to the Will and Testament of the previous property owners. Any assets in that person’s name when they died must go through the probate process. This process differs with each state. You should know the specifics covering the probate process not where you live but in the location of the property that you inherit.
For instance, in the state of California, a Will means that there must be an authorized executor. The Executor of that Will starts the process by filing the Will, along with an attached Petition for Probate. These are documents that have to be filed with the county probate court covering the residence of the deceased individual. During this process, any interested parties should get formal notices.
Many states allow the executors of wills’ broad power over several significant inheritance issues. One of these is selling the property, and many times, they can approve or reject sales, with or without the permission of the court system.
During the probate period, the Executor is responsible for the safety and maintenance of all assets. For instance, the home must remain insured, as well as properly maintained. Any heirlooms contained therein must also be safeguarded from damage or theft. An executor must also fill out tax returns for the estate and the deceased person.
Probate courts commonly give creditors a span of time to file claims against an estate. If no claims come forward, then it’s on the Executor to make sure payables are settled. If there aren’t enough liquid funds to pay out claims, then the estate and its assets are the currency used. Once the bills are settled, an executor can use the court’s help to close the estate and distribute any assets to heirs. This includes a sale of the home and distribution of the net proceeds to any heirs.
If a Will doesn’t designate a specific Executor, then a family member can petition the court to assign them as one. Still, the Executor themself should not try to sell the house on their own. A lawyer might be necessary to know when the probate period would end, and a real estate or property agent is often necessary to handle marketing the house and putting it out there for prospective buyers.
Many real estate agents are familiar with probate periods and inherited property, and so they can help walk you through this challenging time, where you not only have to grieve for the loss of a loved one but also handle the closing out of their estate. Having the right professionals at your side, especially ones that represent the various industries or professions involved in this, can make the whole process much more straightforward.
For that matter, a good lawyer can keep you out of trouble, while a property agent can make sure you get a good value for the home. You can also get the property sold fairly quickly to companies like (https://www.sellmyhousefastinsanantonio.net/) or a real estate investor that buys properties for cash in the area.