What You Need to Know about Selling Real Estate in Probate

There are many things that must be put in order when a loved one passes.

It is a difficult time for family, relatives, and friends. Aside from the emotional aspects of grieving, there are legal probate and personal

property issues that must be taken care of.

While it may not erase the pain of losing a loved one, getting your financial and legal affairs in order can be a small step in the right direction.

It can also give you some peace of mind during this challenging time.

During these times, it is best to accept the offers of help from family members, friends, and experienced Long Island NY probate

agents, such as myself.

Understanding Probate

In probate, a court case deals with the following:

• Transferring the property of someone who has died to the heirs or beneficiaries;

• Deciding if a will is valid; and• Taking care of the financial responsibilities of the

person who died.

When your loved one passes, the probate process will begin in the county of their legal residence at the time of death.

If a will was left behind, the person named as the executor will be in charge of finalizing his or her affairs. If there is no will, the court will

appoint an administrator.

If you have been named as an executor in a will, that means you have a great deal of responsibility. It is your responsibility to gather and value the assets of the estate, pay off any debts and liabilities, pay any Inheritance

Tax that is due, and distribute the estate in accordance with the will.

However, you will only be able to do all these things if you have a Grant of Probate, a confirmation that the will is valid and that you, as an executor,

have authority to deal with the deceased’s estate.

When selling real estate in probate in Long Island NY, you need to start by appraising the property first. You can find an appraiser in

the local phone book or by asking for referrals.

Next, you have to obtain a petition to sell real estate from the court. File the petition along with the independent appraisal with the court and wait for the approval from the probate court allowing the sale.

Once approved, the property will be listed available for sale and advertised for exposure. If a buyer is interested, he or she must

make an offer accompanied with a 10% deposit.

The estate representative, through the probate attorney, will then submit to the court to validate the sale. If all parties agree, a date

will be set for the sale to be finalized in court.

A Notice of Planned Actions will be mailed to any or all heirs once there is an accepted offer. The heirs have 15 days to examine the notice and present any

objections. If there are no objections, the deal may proceed with no court hearing.

If you need help selling real property through probate, call me, René Perrin at 516-802-3785. Let me put my skills to work for you!

Let Me Help You Sell Your Long Island NY Home!

Call me

René Perrin

516-802-3785With my skills and track record, I can get your

Long Island NY home in front of the widest pool of potential buyers!SellYourLongIslandHome.com