Have you recently inherited a house in Orlando you would like to sell? Are you unclear on whether you can sell a home during probate? The Local House Buyers have all the answers on what you need to know about selling a home during probate in Orlando right here.
Can You Sell Your Orlando Home During Probate?
Yes, you can! Selling a home during probate can be very useful. It can allow you to pay off other debts inherited from the estate. It can also settle any disputes over ownership of the home, allowing the beneficiaries to split the cash value of the house.
If you want to sell your house during probate, there are some things you should know first. Keep reading to find out how to get this sale moving!
You Will Need To Petition For An Authorization of The Sale
Once you have drawn up contracts, in order to complete the process of selling your home, you will need to put forward a petition for authorization of the sale with the courts to make it legal. This should be done by either the executor of the will or the personal representative.
As there may be other beneficiaries to the estate, the court will need to see evidence that it is an arm’s length transaction, and in order to approve it, they will need the following:
The Contract of Sale
The contract of sale is the agreement drawn up between the buyer and seller of a property. It usually details the terms of the contract, such as the price the house was sold for, the date of completion, the amount of deposit that was paid, and any other conditions of the sale. The court will need to see this to approve the sale, as this will give them an idea of the fairness of the transaction.
The Valuation Report
To prove that this is an arm’s length transaction, one that serves the best interest of the seller and the buyer independently (for example, if the property were sold to a friend at a lowered price from its value, this would not be an arms-length transaction).
You will need to have your home valued by a professional, and you will need to sell the house within this price range, or the sale may not be authorized. You may want to make some renovations or repairs to the home in order to increase its value, and the valuation report will highlight areas that need improvement.
The Consent of All Concerned Parties
You will not be able to sell the house during probate or at all if other beneficiaries are not in agreement with the sale. This protects inheritors from having homes with sentimental value sold without their approval. If you have contacted all parties who stand to profit from the sale of the house, and they are happy with the sale, you should be able to sell. All you will need is their written consent.
Submitting the Petition
Once you have gathered all of this information and included it in your petition for the authorization of sale, you will be able to submit it. Once you have submitted your petition for the authorization of sale, it will take between 6 and 12 weeks for you to receive your grant.
Ideally, the whole process of probate, including the sale of the property and distribution of assets, should take fewer than 12 months.
You could face barriers that make this process less possible or make it take longer. If there are beneficiaries that do not consent to the sale, for instance, this could make it quite hard to sell. Therefore, before starting this process, it is best to discuss your plan to sell the property with all concerned parties.
Conclusion
You can sell a house while it is in probate, which will help you and any other beneficiaries rid yourself of unwanted property faster and move on with life. However, the process can be pretty tricky, and it is wise to enlist the help of a solicitor or probate specialist. This will save you a lot of work and ensure that you have assistance with any complex issues.