Immediate response to the word “probate” dealing with the sale of real estate quickly brings to mind a delay in the transaction. Probates usually take a minimum of 6 to 8 months to complete. Did you know, however, you do not have to wait until the probate is completed in order to sell real estate.
Real estate can be sold as soon as the “personal representative” is appointed by the court. The personal representative will gather the assets of the person who died, pay the bills, and distribute the property to the persons who are to inherit the assets. Once a personal representative is appointed and if the beneficiaries or heirs agree to the sale, the real estate can be sold at that time. If any of the beneficiaries or heirs disagree with the sale – then there will be a “confirmation hearing” in court, which will delay the sale of the property.
In some instances where all of the assets owned by the deceased is over $100,000 or less the Small Estates Division of the Circuit Court can handle the probate without an attorney. This, however, could delay the sale of real estate and you would have to wait anywhere from 6 to 8 months before the property can be sold. An alternative to this is you can hire your own attorney and do an “Informal Probate” and you may be able to sell real estate in 6 weeks instead of waiting 6 to 8 months or longer.
Real estate can be sold as soon as the “personal representative” is appointed by the court. The personal representative will gather the assets of the person who died, pay the bills, and distribute the property to the persons who are to inherit the assets. Once a personal representative is appointed and if the beneficiaries or heirs agree to the sale, the real estate can be sold at that time. If any of the beneficiaries or heirs disagree with the sale – then there will be a “confirmation hearing” in court, which will delay the sale of the property.
In some instances where all of the assets owned by the deceased is over $100,000 or less the Small Estates Division of the Circuit Court can handle the probate without an attorney. This, however, could delay the sale of real estate and you would have to wait anywhere from 6 to 8 months before the property can be sold. An alternative to this is you can hire your own attorney and do an “Informal Probate” and you may be able to sell real estate in 6 weeks instead of waiting 6 to 8 months or longer.
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