What Happens to a Property in Probate?
What’s the #1 reason that an estate goes into probate?
There are so many strict, nitpicky processes required to change and transfer the title of a property. The word probate itself means “to prove.” This is why there are a lot of formalities and facts you need to “prove” in order to gain authority to move forward or take action.
If you’ve recently lost a loved one, we are so sorry for your loss. We know how difficult it can be to navigate this complex situation while grieving and being there for your loved ones.
You may be wondering what will happen to the decedent’s property. If you’re the Personal Representative, you might be wondering how to sell probate a property. To help answer and slow down the questions running through your mind, here is a bit more information on what exactly happens to a property in probate.
Like we said, properties are much more complex to transfer than a beloved trinket or vintage piece of furniture. Even if it’s determined in the will, the process won’t be immediate. It must be proven in court first.
Before you can transfer the title and sell the property, you must be granted proper authority by the court in probate.
There are two types of authority: limited and full. Limited authority holds up a few more hoops for you to jump through in order to make decisions, such as selling the property. On the other hand, full authority gives you the go-ahead.
3 Possible Outcomes for a Property in Probate
1. Determined in the Will
If the decedent leaves a proper will behind and determines an heir for the property, the Personal Representative will take care of this transfer in probate court, once they receive authority.
2. No Will & Property Stays with the Family
If there is no will left behind, the judge will name the Personal Representative. According to California’s succession laws, the living spouse will inherit the property outright. If there is no living spouse, it will first go to either…
3. No Will & Property is Put Up for Sale
If it is in the best interest of the decedent and their heirs and it’s needed to pay off estate fees, the Personal Representative can sell the property once they are granted authority.
Next, they’re going to need to hire a probate real estate agent. They can take care of listing the property, setting up the home inspection, marketing it to potential buyers, and negotiating offers.
The key to making this go as smoothly as possible? Having an experienced probate real estate agent.
Selling a Property in Probate
Having an expert probate real estate agent on your side is a must.
From guiding you through California’s tricky probate property sale procedures to offering connections to knowledgeable local vendors, it’ll set you up for the least amount of headache possible.
Most often, the property is the most valuable asset of the estate. Make sure it’s in good hands. Put it in experts’ hands so you can get back to spending more time with those who matter.
Let us help. We want to understand your specific needs so we can be there for you in this difficult time. Call Josh V Realty today for a free consultation. You’ll be glad you did.