CHAPTER 14 The Process of Selling Inherited Homes ed Homes
Dealing with the passing of a loved one—especially a parent—is a long-term process, made even more complicated when it involves selling the family home. Whether the loved one’s passing was expected or sudden, the turmoil of grieving while handling a major financial transaction is stressful. Here are some guidelines to help you navigate the process of selling an inherited property.
VERIFY THE TITLE STATUS OF THE HOUSE
Selling an inherited property is complex, and the first step is to confirm that your deceased loved one was the legal owner. It is best to consult a real estate lawyer to verify ownership and ensure there are no liens, claims, or defects on the title.
PROBATE COURT AND CREDITORS
Once ownership is confirmed, the property may need to go through probate, depending on its value. According to the American Bar Association, probate is the legal process that recognizes a will and appoints an executor to administer the estate. State laws vary, so consulting an attorney is advisable to determine if probate is required and what reports must be prepared.
CREDITOR'S CLAIMS PROCESS
States have different laws regarding probate and debt settlement. 68
Powered by FlippingBook