PROBATE QUESTIONS IN FLORIDA: Do You need to sell your house during probate?
The Technical “Legal Side” of Understanding the Probate Estate in Florida
Of course, there is a much more detailed legal side to probate which is why many clients work with a probate lawyer. We are now going to cover some of these topics and definitions below to better help you understand what is involved. Here is some information on this process.
So How Do You Sell Your House During Probate?
One of the main questions an heir faces is this: How Do You Know If You Must Go Through The Probate Process?
If the property was only in the decedent’s name at the time of death or if it was in the decedent’s name and other parties names as tenants in common (without right of survivorship), then probate will be needed in order to transfer the ownership of the property in order to sell the inherited house.
When Does The Property Not Have To Go Through The Probate Process?
Ownership Of The Property Can Be Passed On Without Going Through The Probate Process In The Following Situations.
- If the decedent was married at his time of passing and the property was in the husband and wife’s name as tenancy by the entireties.
- If the property was held by the decedent and other parties as joint tenants with the right of survivorship.
- If the property is held in a trust
- If the property was in a life estate with the remainder of interest to another.
What Are The Two Most Common Types Of Probate In Florida?
Formal Administration is the most common form of probate in Florida. It requires that a petition be filed with the court and an executor (personal representative) be named to handle the liquidation (if needed) and the distribution of all proceeds from the deceased person’s estate by court approval.
All Creditors must be paid first from the proceeds and the rest is distributed to the named beneficiaries. If the value of the estate is more than $75,000 USD, in most cases, a formal administration is required.
In this type of procedure the Executor generally has the right to sell the property on behalf of the estate, as long as the will included a “power of sale” provision. Otherwise, proper authorization from the court is required to sell the property and transfer the deed. This is important to know before signing a contract with a home buyer.
If the total value of the estate is less than $75,000, or it has been more than two years since the deceased passed, the court can provide an outline for the distribution of the estate and no formal Executor needs to be named.
This simplifies the process overall and the court can simply authorize the sale of the property in question. However, if the will states that formal administration is required, summary administration can not be used.
FL Probate Definitions
TESTATE – This means that the person died with a will in place that usually outline how the decedent wanted to disperse the assets of the estate.
INTESTATE Probate– the person died without a will in place. In this case you will follow the requirements of the intestate law in Florida.
Do You Need to Sell a “Probate House” in Jacksonville FL?
We are aware that every deceased estate is different, and there are typically multiple family members involved in making these decisions.
Our goal is to first help you understand the probate rules that affect your inherited property, and present sound options you can discuss with those discussing the best decision.
While some family members may prefer to fix up the house for a potential buyer, or to accommodate the surviving spouse for a short time prior to entering assisted living, we realize there is a lot to discuss.
These conversations can be very stressful. For this reason we seek to be an “unemotional” 3rd party who can lay out the facts, numbers, and realistic expectations of what each option means for the family.
Timing will also play a role with regard to the Florida probate court. By understanding the ground rules you need to play by, we can help guide you to a successful probate sale that also doesn’t come back with legal surprises later.
If you are already talking with a probate attorney, we are happy to get involved during the probate process and provide a true assessment of the real estate’s value in its present condition.
While probate homes offer their own set of legal challenges, the truth is we get a chance to help a family out who is going through a tough time. When we say, “we solve real, estate problems,” we mean it.
At Freedom Home Buyers, we are experienced in buying houses in Jacksonville that have been inherited and are in the probate process. So if you need to sell your house during probate, we can help. This includes selling homes that are vacant, are still full of items (hoarder houses) from the deceased, or need work.
It’s common for us to buy Jacksonville houses in as-is condition, so don’t worry about the need to make repairs before calling us to take a look. No condition will scare us off, we have even purchased condemned houses!
We have years of experience dealing with these types of emotionally charged and highly sensitive situations and have developed a system that makes it as easy on you as possible. Our expert acquisitions team can take you through every step of the process.
So, are you ready to put this stressful situation behind you?
Free Consultation: Get a Solution, Fast
Get in touch with us today for a complimentary assessment of your best options, and how much money can be saved by selling your home in its current condition.
Contact us by visiting our main website www.obibuys.com and entering your information into the form. Or, just call or text us at 904-274-4823 and tell us a bit about your situation.
We would be happy to discuss your options with you at no cost or obligation.
Freedom Home Buyers
You Might Also Like:
Problem: – Accidental landlord – Needed To Sell Condo Fast – Seller needed quick cash – Unwilling tenant – Conventional financing