Probate is the process of distributing an individual’s assets after their death. It may entail determining the validity of a will, amending real estate titles, and determining ownership of assets such as bank deposits, stocks, or bonds. Before you can complete the sale of probate property, you must first get a Grant of Representation. You can place the house on the market and even accept an offer in the meantime.
Apart from that, selling a probate home is no different than selling any other type of residential property. The house can be put on the market, an offer accepted, and the normal conveyancing process can begin. The only distinction is that until a Grant has been given, the transaction cannot be completed. We buy homes is a great option as they guide you through the process and this, in turn, reduces your hassles.
Reason for the presence of grant
Waiting for a Grant can be aggravating, and you may wonder if it is really necessary. Probate is not required every time someone passes away. A Grant of Representation will be required if the dead possessed property in their sole name or as tenants in common. This is due to the fact that property is a valuable asset that will greatly raise the value of a deceased person’s estate. Remember that probate is not normally required if the property is jointly owned and the joint tenant is still living.
When should a probate property be listed for sale?
Given the time and effort required to obtain a Grant, you may be wondering when the property should be put on the market. It is entirely up to you to make this decision. However, there is nothing preventing you from putting the house on the market as soon as possible. While you deal with probate, your estate agent can start looking for the perfect buyer. It’s also worth mentioning that as part of the probate process, the property must be carefully valued. This assessment must be backdated to the date of death. As a result, it may make sense to get the property appraised and put for sale as soon as possible. You’ll have a precise property appraisal for the probate application this way.
Maintaining the safety and security of the property
Meanwhile, the personal representatives are in charge of maintaining the property’s safety and security. Even if the dead had home insurance, the policy may no longer be valid if the house is vacant. It’s critical to double-check this and make the required arrangements.
The personal representative has the legal ability to sell the deceased’s property once a Grant is given. If a buyer has been found, a date can be established for the property to be formally handed to the new owners on closing day. The earnings of the sale are then included in the deceased’s estate. Any outstanding debts, taxes, and legacies in the Will must be paid with this money. Simply expressed, the probate process takes place in the jurisdiction in which the property is situated.