After facing the loss of a loved one who didn’t have a will or investments protecting against the process altogether. To sell a probate property can mean long drawn out proceedings, especially with larger estates.
What is probate?
Probate is the process of winding up the affairs of the person who has died (the decedent), and includes asking the court to appoint a personal representative (sometimes called an “executor”) of the decedent’s estate, and to determine if there is a valid will.
An “estate” is the collection of real and personal property belonging to the decedent at the time of their death, as well as any debts they owed.
Probate is required if:
- the estate includes real property (land, house, condominium, mineral rights) of any value, and/or
- the estate has assets (other than land, and not including cars) whose net worth is more than $100,000.
It can be costly to go through probate, so avoid making the mistake of skipping any of the legal requirements which can further tie up your property. You’ll need to be patient as the assets of the deceased are analyzed and the rightful inheritors of the estate are determined. Executors may need to liquidate the real estate, leading to the probate court distributing the funds evenly among those beneficiaries.
Should you find yourself in this position, read on for information on how to sell a probate property in Your Home Town.
Certain aspects of this real estate law are common among all jurisdictions, for a valid sale, you’ll want to ensure you’ve rigorously followed all of the legalities for selling your probate property in Your Home Town.
How To Sell a Probate Property in Your Home Town
Certified Appraiser
Your first step will be to locate an independent certified appraiser. You can either reach out through phone listings or word of mouth among probate property real estate professionals in Your Home Town. Depending on the date of the death, you may be required to purchase two appraisals.
Petition
Once you’ve obtained your certified appraisal, you’ll next want to proceed by filing a petition with the court to sell the probate property in Your Home Town. While filling out your petition, be certain the information includes any pertinent information about the property along with the method that will be used to complete the sale, be it at an auction or on the open real estate market. Submit your petition along with your certified appraisal. Once you’ve obtained the court’s approval, you may then proceed with the sale. Keep in mind depending on the county these approval can take several weeks. A good estimate is 4-6 weeks to receive the approval.
In most instances within Utah, there is at least one District Court courthouse location within each county. Sometimes a county may have multiple courthouses and may also have multiple probate court locations. Such is often the case in larger metropolis counties where population is dense or also in spread-out, rural counties, which may use a courthouse annex or satellite office system to accommodate nearby citizens with easier access in proximity or distance.
Offer the Property
For sale, with conditions! Now that you can finally take action and sell your probate property in Your Home Town, you’ll want to make certain to disclose to your potential buyer that the court’s confirmation of the transaction is required before you can accept, making the offer conditional.
Court Confirmation
Commonly, once you’ve petitioned the court for a hearing to confirm your sale, you can expect delays on the court calendars ranging from between 20 to 40 days, from the filing date.
Deposit
Plan to collect a 10 percent deposit from the buyer at this time, which is based on the purchase price.
Advertise
Because the ultimate goal of the sale of a probate property in Your Home Town is to garner the highest amount possible for the estate, you must advertise your court hearing to the general public for a process known as open bidding. This allows any additional interested parties to participate in the purchase of the real estate, aiding in raising the final purchase price.
Court Hearing
Now you’ll need to attend the court hearing and wait until the unconditional bidding has concluded and a cashier’s check is presented for the final figure. Your buyer will be able to participate along with any member of the public who so chooses, bids increase by $500 at a time.
Refunding the Deposit
Should a new buyer overbid your buyer during the court proceedings, be prepared to refund their 10 percent deposit. Otherwise, should your original buyer maintain the highest bid, the funds you previously collected from them would be applied to the purchase.
Closing
Finally, you can close on the contract for your probate property in [markte_city]. Be certain that the costs of the property are covered by the financing. You’ll also be responsible for placing the full amount received from the sale into the estate fund. Typically the lawyer will clear all the debts of the estate first before anything is distributed to heirs.
We’re here to assist you during this difficult time and make the process easy. Call Peak Property Group, LLC today at 984.315.6198 or send us a message to sell a probate property in Your Home Town.