Can You Sell a House in Probate?
Sorting through a deceased person’s possessions is challenging. You may struggle to know what to do with their items. Your problems can be more challenging if the proceedings involve a property.
You may wonder whether to keep, rent out, or sell the house. A will can specify the beneficiaries and how to handle the estate. The process is more challenging if there is no will.
You may need to put the house through probate. This process depends on the value of the descendent’s property and where you live. The probate process can take weeks or months. You may need to sell the house you’ve inherited during probate.
Can you sell a house in probate? Selling the property removes some stress and can help settle some of the estate’s bills. This post will help you discover essential information when selling a house in probate.
WHAT IS PROBATE?
Probate is a legal process that allows beneficiaries and heirs to receive the assets left for them in a will. The will’s executor goes through this process to get permission from the relevant court to administer the deceased person’s estate.
Probate prevents any fraudulent actions that people can commit when someone dies. For example, the court scrutinizes the house — possibly the estate’s largest asset. This process is extensive, and you need to know various legal requirements to sell a house in probate.
The probate process comprises three phases.
1. PRE-PETITION: The court hasn’t given legal permission to the estate’s executor to conduct any business. You’ll submit documents, such as a will, the death certificate, and a petition. One can only maintain the house.
2. ADMINISTRATION: The court appoints a representative or executor. The executor will document the deceased person’s assets and settle their debts.
3. CLOSING: The executor outlines the financial steps they took during the administration stage and files them to the court. They submit the proof of debts paid and the inventory of assets.
The process may differ if you sell a house in probate.
CAN YOU SELL A HOUSE IN PROBATE?
The brief answer is yes. However, you’ll need to follow the right procedure to avoid legal trouble. There are steps to follow when selling a house in probate.
1. SUBMIT A DEATH CERTIFICATE
You register the death of the individual that drafted the will before selling a house in probate. Registration is an essential component of the probate application process. Have the original will as you register the person’s death to streamline the process. There is no deadline for this process but do it quickly. Getting started fast allows the process to start quickly.
2. KNOW THE PROPERTY’S VALUE
You may need an expert for this step. They have the experience to determine the property’s value. The house’s value is necessary as you apply for a grant of probate. Some investment firms can also help you discover the home’s worth. These companies can also offer a cash purchase for the home. The home’s value helps you know the right probate to apply for in the relevant court.
3. CHECK THE PROPERTY’S TITLE
It is crucial to check the property’s title before the sale process. This step helps you discover the restrictions associated with the land or house on it. You may visit your area’s land registry office to verify the paper title. You may check the title via online platforms in some places.
4. PAY THE INHERITANCE TAX
You’ll determine and settle the inheritance tax due on the property before getting a grant of probate. The amount you pay can be substantial. The taxes may be expensive, depending on the relevant probate laws and your location.
5. GET A GRANT OF PROBATE
A grant of probate’s application is the last step when selling a property in probate. This legal document confirms the individual named on it has the legal permission to manage the deceased person’s estate, including the sale of the property in probate. You fill in the form and pay the required amount to begin the process.
Issuing this document can take considerable time, as the probate process can be complex. You can go ahead with the house’s valuation as you wait for the grant of probate. If you advertise and get an offer for the property before getting this document, you may accommodate the deal, but you can’t close it before getting the court’s permission. Once this document is available, you can sell the house with no issues.
Investment companies can purchase the house in probate for fast cash. These institutions can buy the home despite probate’s extensive process.
BENEFITS OF SELLING TO PROPERTY INVESTMENT COMPANIES
You’ll enjoy many benefits if you sell the house in probate to an investment company.
* They buy the house as it is. You won’t need to fix it up before selling it. The investment company takes it off your hands without requiring you to work on it.
* They don’t worry about the probate process. Unlike other buyers, the companies can buy the house during the probate process. You’ll only need to have the right documents, such as a grant of probate.
* You eliminate the property management stress. You won’t need to worry about what you will do with the house. If the house needs substantial cash to maintain, this expense won’t be your problem. The investment firm takes the property off your hands, removing the weight of decisions and management off your shoulders.
* You get cash for the house. Some companies pay all cash for the property. They can give you the money you need for urgent needs.
Selling a house in probate requires you to follow essential steps to avoid trouble. This process can be straightforward if you comply with the requirements. Some property investment companies can buy the house in probate. Selling to them has many benefits. You’ll sell the home without working on it, and the firms don’t worry about the probate process if you have the proper documents. They will take the stress of property management off your shoulders while paying all cash for it.