Selling a deceased estate
Selling your own property can be stressful enough, but if the residence belonged to a late loved one a whole new level of emotion is potentially added to the equation.
The good news is, the process of selling a deceased estate isn’t that different to selling any other type of property, but there are a few legal and taxation implications that you might want to bear in mind.
Here’s a quick insight into selling a deceased estate and how a great agent can help ensure the process goes smoothly.
The legal side
If you’re managing the sale of a deceased estate, the first step is to ensure all the legal boxes are ticked.
In a nutshell, the executor of the Will is generally the person who will be responsible for handling the sale of any property associated with the estate and then distributing funds in accordance with the deceased person’s wishes.
There may also be tax implications that the executor should be aware of as they will be required to file any final tax returns for the estate.
As realestate.com.au explains, legal obligations can vary from state to state and there are timeframes involved, so it pays to look into the legal requirements of your specific state and the general tax implications long before you take the property to market.
Before the property can be sold
As a general guide the following will need to occur before the property can be sold:
Property title transfer – The property title will need to be transferred from the deceased to the joint tenant, executor, or personal representative.
Probate granted – A grant of probate is a legal document that gives the executor authority to deal with the estate of the deceased according to their will. Probate (or letters of administration) will need to be granted before a house can be sold.
Selling the property
Once you’re abreast of the legal and taxation side, selling a deceased estate is much like selling any other type of property.
The executor will need to select a real estate agent, set a price, agree on the method of sale, and work with the agent to ready the property for market.
And throughout the process, transparency is key.
A transparent transaction
As the sale of the property is being handled on behalf of someone else (the deceased and their beneficiaries) transparency is key to the successful sale of the property.
To ensure a transparent transaction the executor or the estate’s legal representative should:
- Seek multiple valuations for the property
- Interview a number of real estate agents
- Carefully consider the method of sale
An empathetic agent is essential
An experienced and empathetic agent can make all the difference when it comes to selling a deceased estate.
They can help guide you through the process while ensuring the sale is undertaken using the best method to obtain the best price in the shortest time possible.
How we can help
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