Probate real estate is any property that belonged to a deceased owner and is under the process of being transferred to the rightful heirs. This blog post will highlight all you need to know about probate real estate.
How does it work?
If the owner doesn’t leave instructions about how they plan to divide their assets and property among heirs, the process can last for months, years, or even decades. That’s why it’s better to transfer your property and assets into a living trust managed by your trustworthy trustees.
Since death is uncertain, hire probate real estate experts to streamline asset distribution to the rightful heirs.
What is Probate Real Estate?
Probate means a legal proceeding for the settlement of an estate after the death of its owner. In the case of real estate, probate also means that it will be transferred by a court’s order and not by a private party.
Probate property can be anything such as a piece of unused land, home, buildings, or any other type of commercial or residential property that belonged to a deceased owner. Such property can’t be sold easily, and you need special paperwork to transfer the ownership.
Selling a House in Probate
Often, people wish to sell their probate property as early as possible to avoid getting into the legalities of the matter. All deceased persons’ possessions, including property, are gathered and put up for auction to be sold off for cash. When deciding whether to sell probate real estate, it is important to make sure that all heirs consent to it.
Property in probate can only be handled by licensed real estate agents who are aware of the probate and inheritance laws in the state. Although selling your probate house may save you time and money, you will still have to do proper legal paperwork for it. You will need to present different documents such as wills, inventories, death certificates, and more.
There’s a fee associated with the transfer of probate real estate. If there is more than one heir, you will also have to pay a set percentage for each heir. The closing agent may also charge you a larger fee in addition to all these costs.
Moreover, real estate sold in probate is sold at a significantly lower price than if it were transferred from one living person to another without the help of a probate court. However, hiring a probate realtor can help streamline things and help you get a better price.
Leading Probate Real Estate Agent in Los Angeles
If you have any more questions or concerns about buying and selling a probate real estate property in Los Angeles, get in touch with John Matukas. He’s a leading probate realtor in the region.