CHAPTER 14 The Process of Selling Inherited Homes
Dealing with the passing of a loved one—especially a mother or father—is a long-term process, which is made even more complicated when it also involves the sale of the “family home.” Whether the loved one’s passing is expected or not, the turmoil involved in grieving while also handling a major business transaction is incredibly stressful. Here are a few guidelines that may assist through the course of the transaction if you want to sell an inherited property.
VERIFY THE TITLE STATUS OF THE HOUSE
The process of selling an inherited piece of real estate is complex and the first step is usually to verify that your deceased loved one was in fact the property owner. The best advice is to seek the aid of professional lawyers and real estate agents. Hire a real estate lawyer to check the legal status of the house. Obtain legal verification that the person you inherited from was the owner of the house and that there are no claims, liens, or defects regarding the title.
PROBATE COURT AND CREDITORS
Once you have confirmed the legal ownership of the property, it may need to pass through probate court, depending on its value. The American Bar Association states that “probate is the formal legal process that gives recognition to a will and appoints the executor or personal representative who will administer the estate and distribute assets to the intended beneficiaries.” Laws in each state vary, so it is a good idea to consult an attorney to determine 94
Powered by FlippingBook