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Marketing Real Property Through Probate, Trust, or Conservatorship
Understanding Probate Marketing
Without a fully-fledged trust, a deceased person’s assets must go through probate, a court-supervised legal process that distributes them to the rightful heirs. Sale prices in probate cases must reach at least 90% of the property’s appraised value. The executor will submit a petition to the probate court for approval to launch the sale after receiving the appraisal. The executor can formally list the property for sale when the court hearing is over.
The probate sale procedure may appear complicated and overwhelming. Work with a seasoned real estate agent in your area to help you go through the overall process of selling a home in probate as seamlessly as possible. Finding a real estate agent with knowledge of probate sales is so important. For this reason, the Certified Probate Real Estate Specialist (CPRES) certification was established to help people locate real estate agents who are well-versed in probate marketing. Make sure to work with a CPRES agent since they will be the ones to help you with all the technicalities and legalities that you will encounter during the entire probate process.
Understanding a Trust
A trust is a fiduciary structure in which the trustee holds assets on behalf of the beneficiary or beneficiaries. The trustee can sell the property one of two ways:
All of the beneficiaries must agree to transfer ownership to the grantor.
Maintain ownership of the property in the trust and proceed with the sale. Following this, the trustee will disperse the proceeds to the trust’s beneficiaries as specified in the trust deed.
Understanding Conservatorship
The United States legal system recognizes the notion of Conservatorship. Due to physical or mental impairments, or just old age, a judge may appoint a guardian or protector to handle another person’s daily activities and/or financial matters.
However, any transfer of property into or out of a conservatorship requires a court order. A petition for sale can be filed with the court, and a hearing date will be set when the court has had a chance to review the petition and any supporting documents.
There is no universal law that authorizes the sale of property by conservators, and each Conservatorship has its own rules. Ensure you receive your attorney’s go signal first before selling any property under Conservatorship.
If you are looking for someone to help you in a probate, trust or conservatorship process, our team of seasoned realtors can help you with every step of the procedure. Please feel free to contact us anytime to get started.