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What Does the Law in California Say About Selling Real Estate Before Probate Is Granted?
Probate can be lengthy and confusing, and you may need help figuring out what to do with real estate property left behind by your loved one during the process. Selling may seem the best way out, but what does the law say about selling real estate before probate is complete? Selling real estate before probate is over is allowed, but the rules can be complex.
Navigating the rules can be frustrating, so working with a probate lawyer in El Dorado Hills is crucial. They can evaluate the case specifics and provide legal counsel to help you weigh your options. They may also help you find a qualified real estate agent who can take the burden off your shoulders.
When Can a Court Allow Real Estate to be Sold Before Probate?
Probate can differ from one case to another depending on the specifics of the case. Courts must consider many factors under different circumstances, such as the status of the Will, the number of heirs, and the type of property being passed on. Based on the details of the case, probate can take up to six months, with a four-month window for creditors to lay claim on the estate.
When probate is marked with conflict or obstacles, it can take several months. During this time, you may want to sell off the property instead of keeping it vacant, which could grab the attention of vandals, depending on the location. An El Dorado Hills probate real estate lawyer says that only certain heirs have the right to sell the property.
If no Will exists, the court will appoint someone to ensure the assets are distributed fairly. The executor could sell the real estate to cover debts left behind by the decedent. If there are no debts, the executor can sell the property and divide the proceeds among the heirs. Heirs must be informed and consent at least 15 days before listing the property on the market.
What is the Process of Selling a House Before Probate?
Once you decide to sell a property during probate and the court grants the permission, you could need clarification on how best to proceed. You can navigate the process smoothly with the right legal counsel from a skilled probate real estate attorney in El Dorado Hills.
Here’s an overview of the steps:
Appraise the Real Estate
You or the appointed executor will appraise the property you wish to sell. El Dorado Hills probate real estate attorneys recommend using certified and independent appraisers who meet the requirements outlined in California probate law. This step is crucial to ensure you don’t overprice the property, which can make it stay on the market for long.
You also don’t want to undervalue the property, as you could get less than you deserve or what your loved one would have wanted you to acquire. Your lawyer can help you find the appropriate appraiser.
Obtain a Petition from the Probate Court
You must petition the probate court to sell the property. Ensure you work closely with an experienced probate real estate attorney in El Dorado Hills to fill out the petition correctly. Leaving out relevant details that pertain to the property sale can lead to the dismissal of your petition. You also must submit the independent appraisal and wait for the probate court’s approval.
Placing the Property for Sale
Once the court approves your petition, you can put up the property for sale through the following actions:
- Real estate agent
- Public auction
- A private sale
- A private auction
- A trust
A crucial part of selling real estate during probate is notifying potential buyers that their offer is only acceptable if the court confirms it.
File a Petition for a Hearing Confirming the Sale
Once you have an offer you want to accept from a potential buyer, you must petition the probate court for a hearing before completing the sale. The waiting period varies depending on the court’s workload and other factors. However, most hearings happen within 20 to 40 days after filing the petition.
Advertise the Sale
The buyer will pay a deposit for the probate property before you can advertise its sale, stating the price offered. The advert is placed in a local newspaper to inform the public of the sale to allow public bidding at the court among other interested parties. This part of the process helps secure the best possible price for the property.
Bid prices increase by $500, and the original buyer can also place a bid. After confirming the bid, the winner presents a check to the probate court for a deposit. You will refund the original buyer’s deposit if they don’t win the bid or deduct their deposit from the overall purchase price if they do.
The final step is to complete the sale if you determine the price is fair enough to cover property costs. The total sale amount goes into the estate fund, awaiting distribution to the beneficiaries.
A Skilled Probate Attorney Guiding You in Real Estate Sale During Probate
Selling real estate before probate is granted can be lengthy and complex but not impossible. Retaining a skilled El Dorado Hills probate lawyer is crucial in simplifying the process and ensuring you avoid costly mistakes that could stall it. Probate lawyers know the legal system and what to do to make the process less complicated.
Yonano Law Offices, P.C., hosts an understanding and compassionate El Dorado Hills probate real estate lawyer who can investigate your case. Attorney Yonano is a licensed and experienced real estate probate lawyer with up-to-date knowledge of probate laws. With him by your side, you have proper legal support through uncertain times. Call us at 916-894-8790 to start your probate case.
