The Hidden Legal Traps You MUST Know Before Selling an Inherited Home

When inheriting or administering an estate, understanding probate can be essential to successfully dealing with it. Probate refers to the legal procedure used to distribute deceased person's assets - including real estate - among heirs after death; its requirements will depend on each state but may be essential if no living trust exists.

Probate involves several essential steps. First, an executor or personal representative must be appointed by filing a petition with the court. They then manage the estate by selling any property as necessary--though this final step requires court approval, which can involve multiple hearings depending on its complexity and state.

Executors must gather critical documents, such as wills and property deeds as well as any outstanding debts to present to the court. Any property which could potentially be sold will also require being appraised first to ascertain its market value before any sales can proceed.

Be mindful that probate sales often include additional legal requirements, including buyer deposits and court approval, so working with an experienced real estate agent and attorney familiar with probate law is imperative to avoiding unnecessary delays in closing.

As probate sales tend to take longer, having the right team on board can help streamline and ensure everything runs smoothly. Understanding probate law is paramount to successfully selling an inherited property.