When your loved one’s assets are in probate, the process can last for months and in some cases, more than a year. In the meantime, you have decided you want to sell that inherited property rather than keeping and maintaining it. So you may be curious about selling it before it goes into probate or during the probate process. After all, this would make things quicker and easier. You know you will eventually receive that property so why not avoid any hassles by selling it.
Selling Your Property Before Going into Probate
Initially, the answer is NO. Technically, you are not the legal owner until the probate process has been completed. Thus, until the entire process is finished, you do not have the right to sell it. However you can get the process started. Call Homeinc today to learn how. Our experts are here for your assistance so you can call us to discuss your requirements.
3 Phases of the Probate Process
Probate is a judicial, court-supervised process wherein a person’s will (if they have one) is authenticated and their executor is named and approved. In the simplest of terms, it’s the legal procedure the person’s estate goes through after they die. There are three primary phases to the probate process as follows:
- Pre-petition – during the pre-petition phase, an executor or personal representative has yet to be named. This means the survivor of the deceased has no legal rights for taking action with their property.
- Administration – the court will appoint an executor or personal representative during the administration phase. At this time, all of the decedent’s debts must be resolved and an inventory of all their assets must be taken.
- Closing – a final accounting is conducted and filed with the court during this phase. The accounting outlines all of the steps that were taken during the prior phase including the asset inventory and all paid debts. Any funds that remain will go towards paying the attorney’s and court’s fees. If any funds remain after this, they will be distributed equally among the beneficiaries.
If there is a mortgage balance remaining on the property, it must be paid. At that point, you can work with a realtor or avoid the unnecessary hassles and stress by selling it to Homeinc for cash. Call us today at (888) 850-2636 for more information.