When dealing with a probate property in Edmonton, Alberta you will most certainly have questions you would like to have answered. Below, we offer some information about probate properties and ways to make more informed decisions if you plan to sell your newly inherited Edmonton, market_state]` home.
What Is Probate?
Probate is the legal process following a homeowner’s death if the property was not in a trust or owned with another person that did not have full rights of survivorship. In most cases, the real estate that needs to go through probate will need to be sold. That way the proceeds from the sale of the property can be split up between the beneficiaries if it was not indicated in the will or if it should go directly to anyone specified.
A probate is a legal process in which a will is reviewed to determine whether it is valid and authentic. Probate also refers to the general administering of a deceased person’s will or the estate of a deceased person without a will. Think you might need some professional help to navigate this process?
Step one is to determine where the probate needs to occur. The best place to start is the municipality where the property is located. There are many provinces that require the probate to be done in the jurisdiction in which the property is situated. Then, you will need to hire a lawyer to analyze the will and then draw up the paperwork. The paperwork is then taken to the courts. The judge determines who is the rightful owner of the Edmonton probate property in question. The decision is primarily based on the previous owner’s will. Very rarely does the judge rule against the will.
Who Pays For Probate?
You can either pay for the probate out of pocket, or you can arrange that the probate costs be taken out at closing. The executor of the estate will determine a listing price for the property, negotiate the sale price and execute the sale contract. The lawyer that is selling the Edmonton probate house or property for you will then send their invoice to the lawyer handling the real estate transaction. The probate will be subtracted from the proceeds of the sale of the property. Their fee can range from a few hundred dollars to well over a thousand dollars. This varies by province and value of the property.
Can I List Probate Real Estate?
You or an executor cannot sell your Edmonton property without a Grant of Probate from the court. HOWEVER, the Executor who is selling the house just needs to make sure that he or she is clear on the Sales Agreement and that the sale is subject to a Grant of Probate order being granted. When it is listed available for sale, you may take offers on the property and have a contract; however, the closing will not occur until the Grant of Probate has been issued. At this point your lawyer will know who can now legally sell the property.
How Much Should I Sell For?
In order to know how much you can ask for the real estate, you need to have the property appraised so you know how much it is worth and if there are any problems with the structure because these issues must be disclosed on the contract for sale. When you receive offers, you must take into consideration the probate cost. If you own a vacant lot, make sure the offer is enough to cover your bill. Most houses and other types of real estate will sell for way more than the cost to have the probate completed. If you want to sell the probate real estate quickly, you may want to list on the lower end of the market comps or appraisal price, this will ensure your property receives offers very quickly.
I’ve Accepted An Offer, Now What?
When you have received an acceptable offer, or you have negotiated a price you are willing to sell for, execute the contract. If you have any questions about the contract, reach out to a real estate lawyer to help you understand all the terms, conditions, and riders necessary to complete the deal. When the title company is chosen, make sure you provide the probate lawyers invoice to them so they can take care of the bill out of your proceeds.
FURTHER READING
Want to learn more in regards to selling an Edmonton, Alberta inherited property? Well, you WILL need to get a Grant of Probate before you can sell it. REACH OUT TO SUNRISE HOME BUYERS TODAY and we can help you navigate the process. We can even refer you to one of our trusted partners to help guide you through the winding path that is probate in Alberta.
Here are several links for you here to read informative articles about selling an inherited property after the passing of a close personal friend or family member. And even more useful suggestions can be found here to help you through the often mysterious and confusing stages needed to receive a Grant of Probate.