Dealing with a loved one passing is never easy. We’ve all lost someone close to us. But like it or not, it’s a part of life that we all have to work through. And yes, sometimes that involves Real Estate. If you’re preparing an estate to be settled, here are a few key things to take note:
- If you have siblings or there are other heirs involved, be sure that everyone is clear and on the same page as to how the estate will be divided. A Will is a huge asset in this process.
- If Real Property is involved, decide whether you will make any repairs or updates that are needed before selling. Most times this is the most costly and time consuming option.
- Most of us aren’t general contractors, so determining what and how much repairs will cost may not be an easy task. If selling in ‘As-Is’ condition, get quotes or ask a local trusted real estate investor to give you an honest opinion and offer.
- Only the Executor/Executrix or Administrator/Administratrix has the power to sell any real property within an estate. Of course, any beneficiaries should be in agreement as to the selling price.
- (Note: When selling, It is perfectly ok to sign a purchase contract with a buyer even if the property hasn’t been released from the estate by a judge yet. You would simply take that signed contract to a judge, notify them that you already have a seriously interested buyer for the property, then ask that the property be released from the estate in order to sell it. 9 times out of 10 they will be more than happy to do so)
- Any title work, mortgages, taxes, liens or judgments will need to be settled at the time of closing in order to pay off those debts. A trusted local Title Company or Closing Attorney can handle ALL of this for you. (For Louisville, KY Real Estate Closings I highly recommend Borders and Borders Attorneys – http://www.BordersandBorders.com )
- In Kentucky, you have up to 2 years to settle an estate. Yes you can wait that long, and even file extensions if needed, but honestly that’s just delaying the inevitable. Getting it done and moving on is the best thing you can do to facilitate the healing process.
I hope these points have helped you in some way. I recently lost my grandfather and know first hand what it’s like dealing with the passing of a loved one. I am committed to helping you in any way I can. Real Estate or otherwise….
As always, I am here to help those who need to sell any type of real estate…….
Let me know how I can serve you.
– Adam Walker
The King of The City