Hello, my name is Walt Jarvis and last year when I listed my house on the market to sell, I was very optimistic about the entire process. I was even more excited when I received an offer on the property. Before the sale could go through, a problem arose so I decided to hire a real estate attorney. The attorney I hired took care of the issue for me, which saved me a lot of time and headaches. I learned valuable information from the attorney and I wanted to share it by writing a blog. If I ever decide to sell any more property, I will hire an attorney first in case any problems occur. If you're selling a home or a business, you should read my blog to learn how a real estate attorney can help with various aspects of the sale.
If one of your loved ones has recently passed away and you have been named the executor of the estate, then you may have quite a few assets to deal with. If a home is one such asset and it has not been willed specifically to a beneficiary, then the home will likely need to be sold as part of the probate process. Houses and other real estate properties can be sold while an estate is in probate. However, there are some very specific things that need to be done to ensure that the sale is legal in terms of probate law.
Get A Home Appraisal
One of the most important things you will need to do and also the first step in the home sale process involves having the home appraised. However, not just anyone can appraise the home. An independent and licensed appraiser must complete it. Appraisers can be found through local real estate agents, probate attorneys, and legal real estate professionals.
You should understand that appraisers are considered independent under the law if they are licensed professionals. This is the case according to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. While the appraiser is an independent individual, you are able to communicate with them to provide information and to also make corrections on items within the appraisal report. However, independence may be scrutinized and an additional appraisal may be required if you know the certified appraiser on a personal level. This is up to the discretion of the court, but it is one reason why it is wise to always hire an unknown professional.
If for some reason you do not agree with the appraisal and the professional will not reconsider the value of the home based on factual information, like the recent sales of other homes in the area, then you can invest in a new appraisal. Both appraisals will need to be submitted and considered by the court.
Petition To Sell The Home
Once the home has been appraised, you may think you are ready to put the home up on the market. However, you cannot do this just yet. You will need to fill out paperwork to petition the court to allow you to sell. The paperwork will include the appraisal of the home as well as the method of sale. Methods include open market and auction sales. In most cases, the petition will go through without much difficulty.
However, you should understand that petitions can be denied. Typical denials have to do with the will and whether or not your loved one specified how and when the real estate can be sold. For example, the will may indicate that a sale can only happen 90 days or 180 days after a death. It may also say that a sale can only go through once all property is removed and given to beneficiaries as stated in the will.
Even if there are not provisions in the will, a denial may still occur if you do not publish a public notice of the sale. This means that you place an advertisement in a local newspaper that states that the home will be put on the market. This allows individuals to contest the sale and to file paperwork with the court stating the reasons why the sale should not go through. For example, a relative not named in the will may want to lay a claim to the property.
Once you have the "all clear" from the court through the petition process, you will need to receive approval once a buyer provides an offer. You should inform the potential buyer of this because it can delay the house closing process. If you have more questions, speak with a probate lawyer at firms like Leon J Teichner & Associates, P.C.Share