Selling an inherited estate property after death but before probate in Alberta is not as easy as many home owners might assume. Read further if you want to learn how to sell a house you inherited in Edmonton, Alberta as quickly and hassle-free as possible.
Selling an Alberta Estate Property
First off, and perhaps most difficult, is the emotional element of preparing a loved one’s house for a sale. This most likely includes depersonalizing the home of your loved one and also clearing out all their belongings. That is often the most difficult barrier to overcome. Once that is completed, there is the cost of marketing the house in order to attract potential buyers.
We at Sunrise Home Buyers have compiled a few key suggestions that should help steer you in the right direction, if you ever find yourself in this situation. At SUNRISE HOME BUYERS we try to simplify the process if you need to sell a house you inherited in Edmonton, Alberta.
Smoothing Out Probate In Alberta
Seek experienced advice
Step number one, if you are the executor or have an interest in the property, is to get some professional advice. You will need to understand the status of the Edmonton house or property and the provincial regulations in place. Ensure that you verify your ownership of said property. Get advice from a local, experienced and trusted real estate lawyer who has experience with probate in Alberta.
Get information from other experts too. And feel free to us as a resource. We have written several informative blog posts about the probate process in Alberta with many useful links. We will provide any services or information we can offer including access to our vast network of contacts. Also, we can provide you with a FAST, FAIR and HASSLE-FREE offer for your inherited local Edmonton house. You can fill out the form here to get started. It never hurts to investigate all your options.
Begin probate in Edmonton, Alberta
As mentioned above, if you are appointed as executor or have an interest in the home, we recommend you find a qualified professional to guide you through the probate process. If you don’t because you are trying to save some money, it will likely end up costing you even MORE time and money in the end!
So while interested parties may be in a hurry to list the home for sale and be wondering, “Can I sell estate property before probate has been completed?”, no property can be sold unless a Grant of Probate has been issued by the Surrogate court. And that can take weeks or even more likely, months.
Having said that, the Alberta property in question CAN BE LISTED for sale while the probate documents are being processed at the court. Just ensure that the executor in charge of selling the home or property IS VERY CLEAR on any sales agreement that the sale is subject to a probate order being granted before the purchase/sale can be finalized.
*****We HIGHLY recommend you educate yourself with this very instructive case study from local lawyer Barry McGuire regarding the sale of a home that hadn’t completed probate prior to listing. The sale involved many unexpected twists and turns. As most things in life, how often do plans proceed as expected? RARELY! It even includes an audio link if you’d prefer to listen to it. It is VERY eye-opening in terms of what’s in store for you if you plan to sell a property in Alberta currently in probate.
You may be wondering, will there be any capital gains or estate taxes owing on the property in question? As usual, that depends.
In Alberta, there are no taxes when selling a principal residence. But if the property in question was an income property, its quite likely there will be taxes owing for the estate. Any taxes owing are typically income taxes for the current tax year. Also, any investments are treated as if they are sold, so any capital gains from investments inside or outside a registered plan such as an RRSP or LIRA will be subject to taxation. This article provides a helpful overview, but as usual, we suggest contacting a lawyer or accountant for more granular advice specific to your situation.
How To Sell An Estate Home You Inherited in Edmonton, Alberta
Agreeing to sell
If you are ready to sell your house in Edmonton, you can inform the executor to petition the court to issue a Grant of Probate and proceed with the sale from the there. However, problems can arise when siblings who share the inheritance have opposing views. For example, some heirs may want to sell the Edmonton house while others may not agree. If this happens to be the case, it is important to “disagree to agree” so things can move forward. It’s another reason why you will likely need the services of an estate lawyer.
It’s quite likely that the estate property going through probate will require some cosmetic renovations at the very least. But more extensive repairs may be needed as well.
Preparing to sell
Typically, a house that belonged to an elderly person will need updating and repairs. And its not uncommon if substantial renovations are required. You will need to decide if you are willing or need to complete these before listing the home. Regardless whether you plan to fix up the estate property or sell it as is, you will have to make MANY decisions before even getting to that point!
And these DIFFICULT DECISIONS relate to….what do the heirs do will all the items in the home! This process takes a surprisingly long time as there can be MANY family members involved, many of whom do not even live in the same city, all deciding what to keep, what to leave and who gets to keep what! Its a tremendously difficult and prolonged step in the process of selling your Edmonton, Alberta estate home. This will require much time and emotional and physical energy to decide what to keep and what to dispose of. If it is a single family home that will likely mean arranging for the removal of all the items you do not want to keep. And as stated earlier, this must be done PRIOR to tackling any of the steps that follow this crucial one.
The good news is that SUNRISE HOME BUYERS can look after ANYTHING you want to leave behind and we can arrange to donate it to needy families if you desire. We have many contacts who specialize in removing ALL SORTS of items from an inherited house in Alberta and knowing where they should go. Finally, comes the next step, deciding whether or not to do the repair work on the property yourself.
You can choose to hire an inspector to note down potential issues and recommend possible repairs. Although you can sell a home in Edmonton “as is” you may be forced to accept a lower price, especially if your house requires extensive repairs or cleaning. And by this point, do you think you will have the physical strength and emotional energy to tackle a rehab project? Think long and hard on that question.
How Sunrise Home Buyers Can Help
Here at Sunrise Home Buyers however, we will always give you a fast and fair deal. We are looking to create a win-win, hassle free solution and help you get as much value from your inherited house as possible. Just listen to our reviews in the link above from our past clients.
We often buy local houses in Edmonton, repair and fix them up and either rent them out or sell them to someone else looking for a new place to call home. In the process we provide a house ready for a new family where they can raise their children.
If your local Edmonton house meets a few simple criteria, we can buy your house fast. Take that first step and call us TODAY! Let’s start the conversation and work together in creating a solution to meet your needs.
If you’d like to know more about selling an Edmonton, Alberta inherited property that will have to be given a Grant of Probate before you can sell it, CALL US TODAY and we can discuss it with you further. We can even connect you with one of our trusted partners to help guide you through the process.