Most people never experience being an executor & navigating probate. It can be tricky, but finding the RIGHT people to help you through each step of the process, including selling an inherited Edmonton, Alberta home, can help simplify the confusion.
Have you recently inherited a house in Edmonton and need to sell it fast? The process can seem overwhelming and confusing, especially if you aren’t prepared. In this blog post, we offer 5 things you need to know about probate and the Edmonton, Alberta property you have just inherited.
Going through the probate process typically means that you have lost someone you love. That is never easy. And if you are reading this, that may describe your situation. My condolences.
By preparing ahead of time and having a plan in place (or educating yourself as soon as possible), you’ll be able to focus on remembering your loved one. This is a much better scenario than trying to figure out how to sell the Edmonton home you’ve inherited when emotions are running high and your to do list is getting longer. Keep reading to learn more about the Alberta probate process, what to expect, and what you can do to make the process go as smoothly as possible!
Probate Procedure and Law in Alberta
Probate is the process in which a deceased persons property is properly distributed under the laws of intestacy or by a will that was left behind. The executor, or person in charge of handling matters, will need to resolve all claims against the estate and distribute or sell any houses or properties left behind by the deceased. This person will be the go-to if the heirs have agreed to sell the Edmonton house they have inherited.
The entire process, including selling the home, is court-supervised. That said, just because you are the executor, it doesn’t mean you can just go ahead and sell the home. The court must approve the sale to ensure it is the best way to handle the property and that there is nothing to contest the sale. But an executor CAN enter an agreement to sell the home…however it must clearly state on the Sales Agreement that selling the house is subject to a Grant of Probate order being granted.
The Alberta Probate Process Takes Time
Unfortunately, going through probate in Alberta isn’t known for its speed or convenience. For many heirs, the probate process can be grueling and time-consuming. A situation that is already painful and difficult can become even more so when it is drawn out. You will want to make sure that you and your fellow heirs are in agreement to avoid any conflicts or hiccups in the process. Between the legal waiting periods, and disagreements between family members, the process of sorting out an Alberta estate and going through probate can become incredibly drawn out.
When you are able to establish an agreement beforehand, the process will be much easier when it is actually time to get things finalized. Once a person passes on, it is important to file for probate as quickly as possible. Not doing so, will raise the costs of holding the home.
As Executor, You Will Have A Lot of Work To Do
When you are appointed as the executor of an estate, you’ll have to spend some getting everything in order. You’ll need to track down any and all debts as well as any assets owned by the deceased. You’ll need to communicate with other next of kin, keeping everything in order throughout the entire process.
Being an executor is a labour intensive role, and it would be wise to get some professional help or advice to help the process run quickly and smoothly. For some people, a fast house sale to an Edmonton cash house buyer will make the home selling process faster & easier, thus allowing you time to focus on other things. SUNRISE HOME BUYERS is the type of home buyer that is well-versed in purchasing homes quickly, in as-is condition and on a flexible time frame.
Holding Real Estate For Too Long Can Cost YOU Money
If you own a home or have owned one in the past, you’ll know that just owning the property and keeping the lights and heat on is costing you money. Between the Edmonton utility bills, cleaning, maintenance, insurance, and taxes, you could be looking at a lot of money out the door each month. If you aren’t sure what you want to do with the Edmonton property, remind yourself what it is costing you each month to determine if it is really worth keeping…and for how long. If you are the only one paying the bills, you may want to think about selling sooner than later.
Holding costs can accumulate faster than you may realize…especially if an issue develops with the vacant property.
Listing Can Be Expensive
If you have never worked with a real estate agent to list your house in Edmonton, you may not know exactly how the process works. First, the house will need to be repaired to be competitive with others on the market. You’ll need to clean and stage it in order to attract as many people as possible. While you are waiting for it to sell, you or the estate will have to cover the taxes, utility bills, and insurance. When you use a licensed real estate agent to sell your inherited house in Edmonton, you will also have to pay out a sizable commission when the house sells. The time and money spent on preparing and listing an inherited house in Edmonton can be, but isn’t always worth it.
A Direct Sale Saves Time and Money
By selling your house directly and avoiding the MLS, you will be able to skip the repairs, showings, open houses, cleaning, commissions, closing costs, and waiting! You will save thousands on the holding costs alone! Selling a house you inherited in Edmonton doesn’t have to be complicated. Working with Sunrise Home Buyers will save you time, money, and make a difficult process that much easier.
Dealing with probate in Alberta can be difficult and time-consuming for anyone. At Sunrise Home Buyers, we can help you with unwanted real estate you would rather sell quickly than hold onto. We are seeking to create win win solutions to your real estate problems. We would be happy to answer any questions you have about real estate and the probate process in Edmonton. There is never any obligation or cost, just the time spent investigating your options.
If you need to receive a Grant of Probate in Alberta before you can sell your Edmonton, Alberta property or you’d like to learn more about selling an Edmonton, Alberta inherited property, CALL US TODAY and we will do our best to get you some answers! We can even connect you with one of our trusted partners to help guide you through the process.