CHAPTER 6 Probate - How Selling A House In An w Selling A House In An Estate Differs From Regular Home egular Home Sales Inheriting a property can be both a blessing and a challenge. While the emotional ties to the property may be strong, the practicalities of managing it, especially when the original owner has passed away, can be daunting. If you find yourself in a situation where you've inherited a property in Los Angeles, and you're considering selling it, you'll likely encounter the complex and often lengthy process known as probate.
In a nutshell
Probate of real estate is a legal process that occurs after an individual passes away and owns real property, such as land or buildings, in their name. The primary purpose of probate is to transfer ownership of these assets to the deceased person's heirs or beneficiaries according to their will or the laws of intestacy if there is no will. The process typically begins with the filing of a petition in the appropriate court. A personal representative, often appointed in the will or by the court, manages the estate's affairs, including the real estate. The court oversees the distribution of assets, ensures debts and taxes are paid, and resolves any disputes among heirs or creditors. During probate, the real estate's value is assessed, and it may be sold to cover debts or distributed to beneficiaries. Once all
39
Powered by FlippingBook