After your loved one dies and you’re dealing with the process of probate and administering their estate, it can feel like life is put on hold.
When one of the largest assets that most people have is their property, the question often arises as to whether you have to wait for probate to be complete before you can sell it. Selling a property may provide the necessary funds you need in order to settle debts or to resolve disputes between beneficiaries.
It may be more complicated than a normal sale
This doesn’t mean it’s not possible. When a person dies, the probate court in Florida will appoint a person as executor of the estate. This is usually the person who has been named in the will of the deceased or another close relative if there is no will. The court affords them the responsibility to administer the estate and adhere to the probate process.
Once the executor has been named by the probate court, they are then able to approach a real estate agent to assist with listing the property. It will need an appraisal first to make sure all beneficiaries can see the property is being sold for a fair price.
When a buyer has been found, the probate court must approve the sale before it can complete. All beneficiaries must agree to the sale going ahead and the court must be provided with the necessary paperwork. So long as everything is in order, the court will issue an order approving the sale.
The proceeds of the sale are used first to settle any creditors. After this point, the remaining monies are then released to the beneficiaries in accordance with the will.
Selling a property during probate can be more difficult than a standard sale and requires the assistance of a knowledgeable legal professional to help walk you through the process.