Because the courts are involved with probate selling, trust and probate sales have a different vocabulary compared to regular real estate. Probate sales also involve multiple contracts and disclosure statements that are not used with standard real estate transactions. If you are buying or selling real property through a probate transaction, then you absolutely must use a real estate agent who has experience with these types of transactions, including trust sales. The agent will be experienced with the special language used with these transactions and can explain the language to you. This includes all the steps and documentation that come with these transactions, as clear communication in probate sales is critically vital.
STEPS FOR PROBATE TRANSACTIONS
Selling real property through probate is a court-regulated process that requires careful management. There are strict deadlines, specialized documentation, and court oversight throughout the property’s marketing, offers, negotiations, and sale. The sale generally involves the estate executor or administrator of the estate, perhaps an attorney representing the estate, a real estate agent representing the seller (the estate), one or more buyers who place bids with the court, and, often, buyers’ real estate agents. Those unfamiliar with probate sales will not understand the specialized vocabulary of probate sales. Such transactions also involve disclosure documents and contracts not used in other real estate transactions. A real estate agent should be experienced in probate and trust sales if you intend to hire them for this process.
TYPICAL PROBATE AND TR TE AND TRUST
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