Real Estate

1. Identify Real Estate Assets:

   • Compile a list of all real estate owned by the deceased, including primary residences, vacation homes, rental properties, and undeveloped land.

2. Secure and Maintain the Property:

   • Ensure that all real estate assets are secure and maintained during the probate process. This includes addressing issues such as home security, utility payments, and necessary maintenance.

3. Property Valuation:

   • Obtain professional appraisals or valuations of the real estate to determine its fair market value. This is essential for accurately assessing the overall value of the estate.

4. Notify Interested Parties:

   • Inform heirs, beneficiaries, and any interested parties about the real estate in the probate process. Transparent communication can help prevent disputes and provide clarity regarding property distribution.

5. Address Mortgages and Liens:

   • Identify outstanding mortgages, liens, or other encumbrances on the real estate. Determine how these obligations will be satisfied during the probate process.

6. Probate Court Approval:

   • In many cases, the sale or transfer of real estate in probate requires court approval. File the necessary documents and seek approval from the probate court before proceeding with any transactions.

7. Executor’s or Administrator’s Authority:

   • Ensure that the appointed executor or administrator has the legal authority to manage and distribute the real estate. This authority is typically granted through court appointment.

8. Property Sale or Transfer:

   • Decide whether to sell the property, transfer it to heirs, or distribute it according to the terms of the will. Follow legal procedures for the chosen option.

9. Real Estate Agent or Broker:

   • If selling the property, engage the services of a real estate agent or broker experienced in probate sales. They can help market the property, navigate legal requirements, and ensure a fair sale.

10. Legal Documents and Filings:

    • Prepare and file the necessary legal documents, such as the petition for sale of real estate, with the probate court. Comply with local laws and regulations governing real estate transactions in probate.

11. Handling Rental Properties:

    • If the deceased owned rental properties, address tenant agreements, rental income, and any outstanding issues related to property management.

12. Distribute Proceeds:

    • If the real estate is sold, distribute the proceeds according to the terms of the will or applicable state laws. This may involve settling debts, paying expenses, and distributing remaining funds to heirs.

13. Transfer of Title:

    • Execute the transfer of title through the appropriate legal channels, ensuring that the new owners have clear and marketable title to the property.

14. Update Property Records:

    • Notify relevant authorities, such as the county recorder’s office, of the change in property ownership. Update property tax records accordingly.

Navigating real estate matters during probate requires careful attention to legal details and adherence to local regulations. Consulting with a probate attorney or real estate professional experienced in probate transactions can be invaluable to ensure a seamless process.