Probate Issue: Buying and Selling Real Estate
When you think of real estate investments, you may be looking at commercial property or maybe multi-unit buildings, such as apartments. However, you should not overlook real estate in probate proceedings.
As an investor, buying probate real estate is a win-win situation. You buy the property and assist families in the difficult process of settling an estate. You then profit off the property and hopefully see significant gains.
As a possible investor, it’s a good idea to know the processes and who is involved. There are several types of people involved in the probate process, so it’s a good idea to understand their roles. Keep in mind that executors and administrators manage the estate’s assets. Beneficiaries, on the other, are the ones who receive the assets. All involved play a critical part in the probate process.
You can identify probate-related properties in several ways. You can review courthouse records and look at probate filings to identify potential properties. You may also be able to gather information from local newspapers as well as online resources, such as specialized websites and databases.
Probate real estate is a niche market that offers a unique investment opportunity. However, the key point is that those interested in buying these properties must be willing to understand and navigate the complexities.
There are two types of probate sales: traditional and court-confirmed. Traditional probate sales do not involve the court, so this makes the process faster and easier. Court-confirmed probate sales, on the other hand, require court approval. They may involve various steps, which can delay the process.
Navigating the Process
When real estate is involved in the probate process, it’s best to get a real estate agent involved to help you with the following steps:
- Managing documentation and paperwork. It’s necessary to maintain accurate documentation and accounting for a smooth transaction.
- Negotiating offers and closing the sale. You will need to an agent to negotiate offers
and close sale. Understanding these unique aspects can lead to successful outcomes. - Resolving disputes and challenges. Probate sales may be complex. They often involve disputes among beneficiaries. These issues need to be resolved in order to finalize transactions.
Common Issues With Probate Sales
Probate sales can be complex. They often come with challenges, such as the following:
- Court delays. Probate court processes can take a long time, as the process is slow.
- Title issues. You will need to clear the title on a property before a sale can proceed. This means removing the deceased person’s name from the legal document.
- Disagreements among beneficiaries. Conflicts can arise over how assets are to be distributed and whether or not they should be sold.
Seek Legal Help
Probate sales can be complex to navigate. There are many legal issues to deal with, as well as possible arguments among beneficiaries.
Get the help you need from Fort Lauderdale probate litigation lawyer Edward J. Jennings, P.A. We will help protect your legal rights and interests. To schedule a consultation with our office, fill out the online form or call 954-764-4330.
Source:
realtrends.com/articles/opinion-what-agents-should-know-about-selling-probate-real-estate/
