Experiencing the death of a loved one is difficult.
Of course, your focus should be on your family and on grieving the loss. However, you must realize that there are financial and legal steps that should be taken to settle the affairs of the deceased.
Probate upon the death of a loved one is emotionally draining. In addition, understanding wills and probate can be intimidating.
To help you with the process, we’ve come up with the basic gist of how things should move forward in selling real estate in probate.
What is Probate?
Probate is the court-supervised process through which a deceased person’s estate is properly distributed to heirs and designated beneficiaries. In addition, any debt owed to creditors is also paid off.
The probate process begins when the executor who is nominated by the decedent in the last will, presents the will for probate in a courthouse in the county where the decedent lived, or owned property.
If there is no will, a relative or a family member must ask the court to appoint him or her as administrator of the decedent’s estate. Once appointed by the court, the executor or administrator becomes the legal representative of the estate.
Every asset and possession of the deceased must go through a carefully coordinated process done according to the will and according to the law. When the assets include real estate, it can become quite complicated.
That is why it’s important for the executor or the administrator to enlist the help of the best real estate probate agent in Charlotte NC.
That would be me, Nancy Braun. Let me share more about selling real estate in probate.
There are 5 basic steps in the probate real estate process.
- The executor is named and assigned to handle all assets that include any real estate. Only the executor has the power to sell the deceased’s home.
- The executor hires a real estate agent with proven track record in Charlotte NC probate sales. They will work together to have the property appraised. They will also prepare the property for sale. The probate agent will ensure that all conditions and deadlines in the probate sale will be met.
- The probate agent lists the property and markets it accordingly. When an offer is made, the agent and the executor work together on negotiations until both sides are in agreement.
- The probate agent will send special documentation to all the heirs of the property with a deadline for them to make any formal objections. If there are no objections, the sale will proceed. If there is an objection, then a court confirmation hearing will be scheduled to work out any competing bids and other legal matters.
- The probate agent finishes the sale once the court confirmation hearing is completed. The executor then distributes any gains from the sale of the property according to the will of the deceased.
Visit http://EstateHomeSale.com/ for more information on probate sales.
If you have questions about the management of your loved one’s estate or the probate process, call us anytime at 704-997-3794 to get answers. Our team at Showcase Realty is here to assist you.
In case you can not view this video here, please click the link below to view What You Need to Know About Selling Charlotte Real Estate in Probate on my YouTube channel: https://www.youtube.com/watch?v=-iDGBbvHdgg&feature=youtu.be