When someone dies, they leave behind an estate that contains all of the assets they owned during their life, such as cash, investments and real estate. The legal process through which these assets are sold, or divided amongst heirs, is called probate. If you’re looking to buy a home, you may run across probate sales. These can be unique opportunities to purchase a property.
Typically, a deceased person leaves behind a will that outlines what they want done with their possessions. However, sometimes the terms of a will are unclear, or the person dies without a will, leaving the person’s family to decide how to handle their assets. The courts can also get involved: In real estate, a probate sale is the sale of a home under the supervision of a probate court.
Finding a probate real estate agent
Probate sales are complicated, so working with an experienced real estate agent can help guide you through the process. We have the resources that can help you thru the process.
Can probate be avoided?
Yes, it’s possible to avoid probate for your own estate if you plan ahead.
One of the most common ways to avoid the probate process is by creating a trust. If you start a trust and add assets to it, the assets in the trust will skip the probate process.
Another way to avoid probate is to own real estate jointly. If you and a spouse jointly own a home and one of you passes away, the surviving spouse will typically retain full ownership of the home and not have to deal with probate. (This can depend on the intricacies of how you hold title to the property, so it's important this is done correctly to avoid probate in the event one party passes. Again, working with an experienced Real Estate agent and a good attorney can help you).
What does it mean when the sale is Subject To Probate?
When a home sale is subject to probate, that means that the terms of the sale must be approved by the probate court managing the estate that owns the property. This can slow down the process of buying the home.
Don't be concerned a home might be in probate, it can still be sold but it could take a little longer than the usual sale transaction. For more questions feel free to reach out to Kimberly DeSocio, owner and broker of Sapphire Luxury Properties.