Selling an Estate Property

Estate sales can be tricky due to complex issues. Unlike your typical home sale, this one involves a couple of extra steps. It is best to work closely with the lawyer handling the estate as they will direct you in terms of timelines and probate.

The process will also include the liquidation of contents. These types of sales will take longer due to the sensitive nature.

It is also dividing up the estate that problems can arise. If there are people on multiple people on title,if there are benefactors on the will.  They will all need to be involved with the process and the lawyer can advise in which capacity.  If the will is contested this will add another layer of complexity and delay the sale of the property. 

Once the contents have been settled it is best to determine what needs to be done with the remaining items. Your Realtor will have a list of resources to help with this process. They will also be able to determine if the house needs repairs prior to putting it on the market. This can help maximize the amount the home is sold for. Decluttering, repairs and staging all go along way with getting the highest price possible for the property.

Once the home is ready for sale, you will need to get the lawyer’s approval for it to be listed. Probate will need to happen before the house can be sold and transferred to the buyer. This is when the home title is transferred to the executor. The lawyer will give direction as to when the house can be sold. If there is a will or if there isn’t one in place, this can affect the timelines. In certain circumstances they will give the go ahead but a condition of probate must be placed in the agreement of purchase and sale and can take some time. The closing date can also change depending on the situation. If the home is listed for sale before a probate certificate is granted, you may ask for a longer closing or have a clause that permits the closing date to be moved further out if probate hasn’t been obtained.

What also makes an estate sale different from a regular sale is that because you haven’t lived in the home or be aware of the age and condition of the furnace, roof and other items, you will not be able guarantee that they will be working on closing and will need to discuss the best way to handle this with your real estate agent. 

You will need to decide how the property to be looked after especially if you live a far distance away and depending on the weather conditions in the area that the home is located as you will want to prevent pipes from freezing etc. 

Once the go ahead has been given by the lawyer you can work with your agent to prepare the home for sale. If the offer you have accepted has a long closing date you can potentially look at renting the property to the new buyer until probate has cleared and the home can close and be transferred. Renting could help with the carrying and maintenance costs.

Do your research and be sure to select a real estate agent that you are comfortable with and can successfully walk you through the sale of an Estate property.