Selling a House in Probate Lakewood
Probate is a legal process that involves the transfer of real estate property from the ownership of a deceased person to the beneficiaries.
When someone dies, the will left behind will be used to distribute the property to the rightful heirs. In the will, an executor is usually named. This is the person who will be in charge of ensuring that what is written in the will is implemented to the latter. At some point, the executor may be asked to sell a house in probate so that the proceeds can be split between the heirs as per the will or according to the court of law.
Since this is a process that is in the hands of a court of law, selling a house in probate in Lakewood follows strict guidelines by the same probate court. However, as the executor, you have the right to find a suitable buyer, as long as the interests of all parties involved are not in any way affected.
If you are an executor tasked with the duty of selling a house in probate Lakewood, there is a general procedure that you need to adhere to. Of course, there might be a few changes here and there depending on the individual case, but the basics remain unchanged. Read on.
- The first thing to do before selling a house in probate Lakewood would be to find the value of the house. Even if it means hiring an appraiser, do it as long as you get the right market value for the house. There are also some real estate agents that are experienced enough to serve as an appraiser, but you can ask your real estate attorney for recommendations as well.
- Acquire a petition from the court to sell the house in question. Complete the petition and ensure all information about the house sale is involved in the petition, including the method (s) you intend to use to sell. When filing the petition, include the independent appraisal and wait for the probate court to approve the sale,
- Start advertising the house in probate and even go ahead and accept any offers made. However, remember to inform the potential buyer that your decision to accept is subject to a confirmation by the court with respect to selling the house. In short, it’s not possible to sell the house before the probate is granted.
- Once you complete the sale, it’s time to petition the court for a hearing to confirm the sale. It may take days or weeks before the court is ready for you, but this will depend on the amount of workload they have.
- When selling a house in probate, do make sure that the confirmed buyer makes a 10% deposit on the purchase price before the scheduled hearing. This is the only way to confirm that the buyer won’t change their mind at the last minute of the deal, leaving you with another hard task of finding a new buyer.
- If the court confirms the buyer’s price and none of the heirs have an issue with the price, go ahead and complete the deal by closing the contract. At this stage, ensure that the financing is enough to cover the entire cost of the house in probate and send the full amount into the estate fund.
Selling a house in probate Lakewood is also possible without the approval of the court. However, you need to notify all the beneficiaries 15 days prior to the sale. If there are no objections, you can go ahead and sell the house and later on present the proceeds to the court for distribution purposes.