Estate Sales

Maximize An Inheritance By Doing For Sale By Owner

When someone who owns a house or other real estate passes away, the person who is managing the estate or trust often needs to sell the property to pay debts or distribute assets to heirs. Selling property that is in an estate is more complicated than selling property in other circumstances, but that does not mean an FSBO transaction is out of the question. You need professional guidance to avoid problems during the sale process, but the assistance of the right real estate attorney can be much more valuable–and much more economical–than assistance from a real estate agent.

By selling the property directly in an FSBO transaction, you can save tens of thousands of dollars for the estate, and the money saved can benefit heirs, creditors, and more. Let FSBO by The Galam Firm guide you through the process while protecting the estate and helping you fulfill fiduciary obligations.

Why Estate Sales are So Complicated

In an ordinary real estate sale, the buyers, sellers, and mortgage companies are the only ones who need to approve the terms of the transaction. However, when you are selling a property that is owned by an estate in the midst of probate, then there are additional title considerations to complete the transaction.

Working with a legal team that understands probate requirements can help you avoid potential problems or surprises at the closing table.

When There’s a Co-Owner

If the real estate was owned jointly by the deceased person and another person who is still living, that person may acquire ownership of the property before it has a chance to become part of the estate subject to probate. It generally depends on whether the joint ownership includes a right of survivorship. With survivorship, the last surviving owner holds title free and clear, and they can sell or retain the property as they wish without the need to seek approval from the probate court.

However, if the property was owned as “tenants in common” or some other form of joint ownership that did not include a right of survivorship, then the deceased person’s share of the property becomes part of the estate subject to probate but the other owner’s share of the property still belongs to them. If the estate needed to sell and the other owner did not want to sell, it might be possible to negotiate a solution or proceed with a partition action to divide the property.

If you need help determining who has the authority to sell, contact us today.

Determining Who is In Charge

One of the first steps in the process of an estate sale of real estate is gaining authorization for the person who will be in charge of the property. If someone was named in the deceased person’s will as the personal representative—also known as an executor—then that person needs to petition the court for authority to manage the estate. If there is no will or the will didn’t nominate a personal representative, then a family member or creditor can ask the court for authority to administer the estate.

Once the court gives someone letters of authority to manage the estate during the probate process, that person is in charge of deciding if the property needs to be sold and for handling the sale transaction. If you are or expect to be in this position, it is a good idea for you to consult a probate attorney who can make sure you fulfill all the requirements of the probate process. Although we are attorneys, we focus strictly on real estate transactions and do not provide legal advice on other aspects of the process.

Find Out How We Can Help You Save Money by Guiding You Through an FSBO Sale During Probate

Selling a property during probate requires caution, even when you have a buyer lined up. The team at FSBO by The Galam Firm can coordinate with your probate attorney to provide for a smooth transition. Instead of the hefty sales commissions charged by real estate agents or the unpredictable hourly fees charged by other attorneys, our firm charges a flat fee that has nothing to do with the sales price, so you know what to expect up front.

Schedule a Discovery Call with us today to learn how we can protect you during the sale of property that is in probate.

You don’t need a real estate agent—you need FSBO by The Galam Firm.