The procedure involved when selling real estate by means of a trust or probate is a process of court regulated steps that must be carefully managed and monitored.
During the sale of the property the documentation will be specialized, deadlines will be unforgiving, and the courts direction must be honored throughout the marketing, negotiations, and offers of the sale of the property.
Probate real estate services will include the administrator or executor of the estate, the court personnel, a lawyer who is representing the estate, a real estate agent who is also representing the estate, the buyer, and the buyer’s real estate agent.
Every one of these individuals must strictly follow the deadlines and guidelines that the court has implemented.Due to the fact that the probate real estate service will need to deal with the court there will be a specific vocabulary used for any type of trust sales and probate.
Also, there will be various contracts and disclosure documents which you will not normally see in a typical real estate transaction.Therefore, anyone who is considering to purchase real estate with this type of transaction will need to have a real estate agent who is experienced in trust sales and probate.
The agent will need to provide clear communications to the buyer in a way that is easy for the buyer to understand.In a typical transaction there will be an appointment of the executor or administrator of the estate.
In the majority of cases, the deceased will have specified an executor who will handle all of the distribution of assets which can also include real estate property. If no executor has been named then the court will appoint an administrator to finalize the deceased affairs.
The administrator or executor will have the authority to list and have the property sold. However, this cannot be done until an executor or administrator has been named.
The executor will establish the price for any real estate property.
He will do this with the assistance of a reputable real estate agent. The real estate property will then be listed. The real estate agent can market the property as aggressively as he can so as to attract the highest offer.
He will also be responsible for scheduling any appointments so as to show the property to prospective buyers.
There are many property buyers who look forward to purchasing a trust or probate real estate property. Often they can purchase the property for a good price but it should be noted that the range of offers that are made are limited by the court.
An offer that is accepted must be within 90% of the appraised value of the property. When a purchaser is located then the real estate agent will help the executor or administrator negotiate satisfactory terms.
Once an offer is accepted there will be a Notice of Proposed Action mailed to each of the heirs.
This notice will simply state the terms of the sale. Any heir will now have 15 days to review this notice and propose any objections. If after the 15 days there are no objections then the sale can proceed without a further court hearing.
This now will allow the lawyer of the estate to apply for a court date where the sale will be executed. Normally the court date will occur within 30 to 45 days of when the application is filed.
A copy of this application with all of the pertinent details concerning the sale will be mailed to any party who has an interest in this information.
There are many probate real estate service companies in every city. If you require this type of service it is simply a matter of calling a few different companies to compare their services and costs. Then you can choose the best company that you feel comfortable with.