What Is Probate? Can I Sell A House In Probate?

Can I Sell An Inherited House In Probate?

Probate is the process of reassigning the property to the beneficiaries after the person dies. When a person passes away they leave their loved ones and their property behind. Sometimes the last will or the Testate is left behind by the person and in some cases it is not.

Whatever is the situation, the property is reassigned to the heirs with the court of law, and this extensive thorough process is known as probate.

Sometimes a question arises, “can a house be sold while in probate in Atlanta Ga?“, and the answer is that it can be sold if simple steps are followed. As real estate investors in Atlanta Ga, Your Property Solutions advises sellers to go through the following steps and also suggests other investors check the procedures when they want to buy property in the probate process in Atlanta.

Can a house be sold while in probate in Atlanta, Ga? Yes, but make sure to follow these steps first!

Determine If Probate Is Necessary

Not all assets must go through probate. Properties held in joint tenancy, properties with a designated beneficiary, and those in a living trust typically bypass probate. If the house is part of the probate estate, proceed with the following steps.

Appoint an Executor or Administrator

The will usually names an executor to manage the estate. If there is no will, or the named executor is unwilling or unable to serve, the court will appoint an administrator. This person will have the authority to manage and sell the property.

File a Petition for Probate

The executor or administrator must file a petition for probate in the Probate Court of the county where the deceased lived. In Atlanta, this would be the Fulton County Probate Court. The court will issue Letters Testamentary (if there is a will) or Letters of Administration (if there is no will), giving the executor or administrator legal authority to act on behalf of the estate.

Obtain Property Appraisal

Before selling the property, an appraisal must be conducted to determine its fair market value. This appraisal will be essential for setting a sale price and for tax purposes.

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Notify Heirs and Beneficiaries

All heirs and beneficiaries must be notified of the intent to sell the property. In some cases, they must agree to the sale. If there are disputes among the heirs, this can complicate the process and may require court intervention.

List the Property for Sale

Once you have the court’s approval, you can list the property for sale. Working with a real estate agent experienced in probate sales can be extremely beneficial. They can help navigate the additional paperwork and requirements specific to probate properties. For a quick sale, you can sell the property to a real estate investor for an all cash offer if you want to avoid paying agent commissions, making repairs, and showings.

Accept an Offer

When an offer is received, it may need to be submitted to the court for approval, depending on the terms of the will and the local laws. In Georgia, the executor or administrator generally has the authority to accept an offer without additional court approval, but it’s important to verify this for your specific situation.

Close the Sale

After an offer is accepted and any necessary approvals are obtained, the sale can proceed to closing. At closing, the executor or administrator will sign the deed transferring ownership to the buyer, and the proceeds from the sale will go to the estate.

Distribute the Proceeds

The proceeds from the sale must first be used to pay off any remaining debts and taxes owed by the estate. The remaining funds are then distributed to the heirs and beneficiaries according to the will or state law if there is no will.

File a Final Accounting

Finally, the executor or administrator must file a final accounting with the Probate Court. This document details all financial transactions related to the estate, including the sale of the property. Once the court approves the final accounting, the probate process can be officially closed.

Conclusion

Selling a house in probate in Atlanta, GA, requires careful attention to detail and adherence to legal requirements. While the process can be daunting, understanding each step and working with experienced professionals, such as probate attorneys, real estate agents and seasoned investors can help ensure a smooth and successful sale. By following this guide, you can navigate the probate process with confidence and fulfill your responsibilities as an executor or administrator.

2 Comments

  1. TikTok Downloader on August 29, 2024 at 3:39 am

    I do not even know how I ended up here but I thought this post was great I do not know who you are but certainly youre going to a famous blogger if you are not already Cheers

    • carydj on August 29, 2024 at 11:19 am

      Thank you so much! We are cash home buyers in Atlanta GA. That post was to help educate people on probate and how it works. Please feel free to share the link if you know anyone that can benefit from it.

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