3 Instances Allowing You To Sell Property While It Is Still In Probate
If you are the executor of a recently deceased family member's will, you may wonder if you are allowed to sell their home and property while it is still going through the probate process. If so, the following three instances are times when it may be acceptable to put the real estate up for sale.
The Will States You Have The Authority
One time when probate real estate can be sold is if the will specifically states that you have the authority to sell the property. Even if you were named the executor of the will, you need to look for a clause in the document that gives you permission.
However, if you are the executor and no clause exists in the will, you may be able to obtain permission from the probate court to sell the property, especially if it is deemed necessary, as is discussed in the next section.
Money From The Sale Is Needed To Pay Off Debts
If your loved one left behind a lot of debt, such as medical bills or property taxes, you may be able to sell the house and property. If the person's bank accounts are not enough to pay off everything, the court may give you the go-ahead to sell the real estate.
The one provision to selling the house in this instance is that money from the sale is first used to pay off all debts incurred by the deceased. Once the debts are paid, any money left over is either kept by you or divided up between any remaining heirs, as discussed below.
All Heirs Agree To And Will Benefit From The Sale
Although you are the executor of the will, you may not be the only heir to the estate. If this is the case, the sale of the property may need to be agreed upon by all persons mentioned in the deceased's will. If one person does not agree to the sale, you may not be able to go through with it until the estate has gone through probate.
However, if all do agree on selling the house, you can coordinate decisions on things, such as how much to sell it. You may want to enlist the help of a probate real estate agent for this.
The above is a guideline as to when it could be acceptable to sell your deceased loved one's property while going through probate. For specific laws for your state, you may want to speak with a real estate agent who specializes in selling probate real estate who can inform you of the local statutes and guide you through the process. For more information, contact companies like Remax Professionals.
