A probate sale is the sale of a deceased person's real property. The process to sell a probate home is among the duties of an estate representative. Ideally, the executor or administrator will exercise prudence and hire a certified probate real estate specialist to sell the property.
A probate sale can start after the court issues Letters Testamentary or Letters of Administration.
Probate sale typically involves:
Let's go over how to sell a house in probate in Florida.
1. Appointing an executor and dealing with multiple siblings or inheritors. If the deceased had already appointed an executor, then that particular person will lead house selling process. If not, then the court will appoint a close relative to act as estate administrator. The court must determine that the will is legal and valid. The will must be filed with the local circuit court within 10 days of learning of the death. If a probate court proceeding is necessary, the court will determine whether or not the will is valid. Therefore the assets of the deceased are frozen to prevent anyone from taking something that they didn't actually inherit. So if you inherited a home in Florida, you will need to attend these court probate proceedings to get your inherited house through the necessary proper procedures.
2. Work with an attorney that specializes in probate.
3. Hire an appraiser to get your home appraised.
4. List your inherited home with a real estate agent or sell it on your own.
5. Getting an offer on your property. The offer must be submitted to the court. The estate executor through the probate attorney will submit a written document to confirm the acceptance of the sale. If all parties involved in the process agree, then the court will set a date to finalize the process. All heirs of the deceased who will benefit from the sale proceeds will be notified. They will have 15 days in to review the notice given and file any objections. If all heirs agree, then the sale will proceed without going through a court hearing.
6. The Closing. Once the sale of the house is completed, the proceeds of the sale will be split according to the will of the deceased or finalized amounts agreed upon prior to the sale.
7. Taxes and other Fees. Property tax, insurance, management fees, association fees, utilities, bills, other fees, and capital gains tax must be paid after the sale.