Selling inherited properties can be quite challenging especially if the person in question would just act as a representative for the deceased. This refers to executors and other people were named as heirs that the property apart from the spouse and children.
However difficult it may be, it is not impossible to do. Here are certain steps that one can take to sell an inherited house or property in the near future.
Valuable Steps to Take To Sell Inherited Property
First, one has to establish his or her connection to the property in question. Assigned parties may do this by filing an application for probate. This is done because having one’s name on the will as one of the inheritors of the land or property is not enough to be recognized by the law.
What Is Probate?
Before we go any further, let us first define what probate really means. It is the process of filing an application for the legal rights to deal with a deceased individual’s estate. If someone is declared as the executor of the estate, filing the probate will prove that he is indeed who he says he is. For more info click here.
After the application, this person will have access to the bank accounts of the deceased as well as the main property in question.The executor will also be the one to hand out the rest of the financial equivalent of the inheritance to the other beneficiaries as stipulated in the will.If in case there is more than one executor labeled in the will, there are official probate guidelines that the people concerned have to follow. Visit the probate registry for more information.
In the event that no specific executor is mentioned in the will, a relative or immediate family member can apply for probate. When is Probate Not Needed?
Probate will not be required in the following situations:
The declared heir or executor of the property has conjugal rights to the property in question. For example, as the spouse of the deceased, one will have rights to any property that is left behind without having to apply for probate.
This also applies if one has a joint bank account with the deceased. In this case, the bank will only need to have a copy of the death certificate for the money transfer to occur. Applying for a grant may be necessary if there are other accounts involved.
Now that the credentials of the heirs have been discussed, one can now proceed to tally all the assets and accounts left by the deceased. Only then can the sale of the property legally occur.After applying for probate, one can deal with the utilities as well as other tax forms that need to be filed and filled out. If one decides to sell the house to pay off the inheritance tax, an application for probate is also required.Remember that one cannot sell the house until the probate application is granted.
It would also be best to consult a reputable real estate agent to ensure that the house will be sold without further problems. What is important here is that the identity of the ones mentioned in the will is established through the submission of the necessary papers. Afterwards, the probate application and everything else will surely follow.