Probate Real Estate
We Are So Sorry For Your Loss
What is probate?
Whether it’s an heir, seller or buyer, the definition of probate real estate never changes:
- Someone owned real estate and they died. In order for the rightful heirs to have title to the real estate to sell/convey/transfer, the heirs have to go through this formal court process called probate to officially transfer title.
Without probate, the heirs cannot sell/convey/transfer the real estate. This process of an attorney opening a court file, procedurally moving what the deceased had to the rightful heirs, formally transferring title, is probate. Once title is transferred, the heirs have authority to sell/convey/transfer the real estate.
Managing the process
Questions to assess the assets:
- Is there only one property? If there are other properties, how many and where are they located?
- Is there a mortgage or reverse mortgage?
- Is anyone paying taxes?
- Did the decedent own any commercial property?
- Did the decedent own any vacant land?
- Is there a will or trust? If there isn’t a will, which family members are alive?
This will help you determine how long the probate process may take and give you a clearer understanding of the process, so you can relay that information to potential buyers. The entire probate process from opening the estate to closing could take anywhere between six to 12 months and sometimes even longer.
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Info. Cited: www.floridarealtors.org