Selling a House in Probate: Smooth Transactions

Understanding the Process of Selling a House During Probate

Settling a real estate asset like a house of a deceased person is called probate. Probate involves various elements like identifying the value of a property, paying off all the debts, and real estate taxes, and then distributing the property among the legal heirs of a deceased person. An executor, the person mentioned in the will of a deceased property owner is authorised to identify the value of an asset, pay off the debts, and then administrate the sale. In the absence of a will by a deceased house owner, a court will appoint an administrator to handle the sales of the house. An executor or a representative can proceed with the house sale after getting a probate order from a competent authority.

Stages Involved in Selling a House During Probate

Executors or representatives need to follow a process to obtain a grant for probate and sell off the house of a deceased person. The process involves various stages that can be summarised as below:

1. Valuation of the House

The first step in obtaining the grant of probate is to pay off the inheritance taxes if the house meets the taxation criteria. To determine whether the home meets the inheritance tax criteria, finding the property's net value is essential. Property valuation is also important for estimating the total value after deducting the outstanding debt. You can turn to Estate Agent Power for a free valuation service. The real estate platform enables you to find the value of any property easily.

2. Apply and Get a Grant of Probate

After estimating the value of a property and paying off the taxes, executors or representatives can apply for a grant of probate. Grant of probate authorises the administrators to sell off the property of a deceased person. Once the grant of probate is obtained, the house with probate can be sold as a regular property without any issue. In the UK you can get the grant of probate or letters of administration within 16 weeks after submitting the application.

3. List the House for Sale

Once the grant of probate is obtained, an administrator can list the house for sale to attract potential buyers. You can navigate to Estate Agent Power and create an eye-catching listing for a house to sell. From creating attractive listings, and adding beautiful descriptions, photographs, videos, and floor plans to virtual viewing, the real estate platform offers you an innovative way to market your property. Listing your house on Estate Agent Power means presenting it before a global audience.

4. Accept Offers and Exchange Contracts

After listing your property for sale, potential buyers will approach you with offers. Wait for the best deals to sell off your house. Engaging with a solicitor is essential to navigate the legalities and close deals. A solicitor will help you in exchanging the contracts and transferring the ownership.