What You Should Know About Dealing With Probate Real Estate in Washington DC, PG County, Montgomery County

Probate Real Estate Leads - A Little-Known Way To Generate Leads

When dealing with a probate property in Washington DC, PG County, Montgomery County, you may have many questions you would like to have answered. Below, we offer some information about probate properties as well as ways to handle them.

What Is Probate?

Probate is the process of proving a will. The courts preside over a will when someone passes away, in order to verify its authenticity, and approve it. Probate real estate sales or ownership transfers occur when real estate is involved in the process of proving a will.  With over 60% of American households owning a home, and many more investment properties, there is a good chance that real estate will be involved in the probate process.  The best place to start is the municipality where the property is located. There are many states that require the probate to be done in the county in which the property is situated.

Who Pays For Probate?

You can either pay for the probate out of pocket, or you can arrange that the probate costs be taken out at closing. The executor of the estate will determine a listing price for the property, negotiate the sale price and execute the sale contract. The lawyer that is handling the probate for you will then send their invoice to the title company handling the real estate transaction. The probate will be subtracted from the proceeds of the sale of the property. Their fee can range from a few hundred dollars to well over a thousand dollars. This varies by state and value of the property.

The Probate Process

The probate process is court supervised, and probate rules can vary in details from state to state. Each state can have its own requirements, fee structures, and timelines. Probate rules are divided by UPC and Non-UPC states. That’s those who have or haven’t adopted the Uniform Probate Code. See the list to find out which probate rules govern your state here.

Still, the general probate process and principles remain the same:

1. Court Petition Filed

A petition needs to be filed with the court to admit the will, if there is one, and petition the court to appoint an executor or administrator for the estate. Heirs and beneficiaries need to be notified. A local newspaper notice should be published to give a chance for any unknown creditors or heirs to come forward.

2. Inventory & Notices

The appointed personal representative or administrator needs to get an inventory of all items in the deceased person’s estate, and assign a value to them. Known creditors will have a limited time period to make their claims against the estate.

3. Pay Expenses

Before anything else is distributed, funeral costs, debts, and taxes need to be paid. It may be necessary to sell assets or liquidate accounts in order to pay them.

4. Distribution & Transfer

At this point, the administrator or executor can distribute the assets to the heirs. The courts may also be involved in helping to approve transfer of title. Cars, financial accounts, and real estate can all be involved.

I’ve Accepted An Offer, Now What?

When you have received an acceptable offer, or you have negotiated a price you are willing to sell for, execute the contract. If you have any questions about the contract, reach out to a real estate lawyer to help you understand all the terms, conditions, and riders necessary to complete the deal. When the title company is chosen, make sure you provide the probate lawyers invoice to them so they can take care of the bill out of your proceeds. 

Contact Super Savvy Home Buyers LLC today at 1-800-777-4773 to discuss in greater detail what you should know about dealing with probate real estate in Washington DC, PG County, Montgomery County.

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