administrator

Seeking out professionals with adequate knowledge of probate and real estate is crucial when determining how to sell probate real estate. It is important to work with professionals who understand what you are going through emotionally and what your business needs are.

Assuming that you have already filed the petition for probate, the Superior Court will issue the type of authority granted to the executor. “Limited authority” means the executor must have court supervision for selling real estate of the estate and other acts. “Full Authority” means the executor is allowed to sell the estate property without going through court confirmation. The next thing is to make sure you are issued Letters Testamentary. Letters Testamentary are necessary because these are the documents that allow the title company to accept the signature of the executor to transfer title to the new buyer. Your real estate professional should be well versed on court procedure so that they understand the flow and that they also understand the current real estate market.

What is Probate and How Is The Realtors Commission Set During Probate?

Probate is a Superior Court procedure to determine a will’s validity and any creditor’s claims. Probate also establishes the identity of the beneficiaries. If the validity of a will is in question, then after a person dies, an administrator or administratrix is appointed by the court. The administrator of administratrix is appointed by the court to take possession of the property until probate is finalized. If the will has appointed a particular custodian, then that person is known as the executor or executrix. The real estate commission for a property that is in probate is set by a court order.

Experiencing the death of a loved one can be a difficult and trying time. Family squabbles and court issues serve to further create an intense span of emotions. Having a professional that you can trust and who understands your issues can make a huge difference in smoothing out this transition in your life. Be sure that you have selected a Realtor that you feel can create this type of transition for you and your family.

Disclaimer-All information contained herein is deemed reliable but not guaranteed. You are advised to consult a reputable attorney for all legal advice or a reputable tax advisor.