Thursday, July 28, 2011

But we can't sell it yet.......Can we?

Often a question comes up either from one of our REALTORS® or a seller who is faced with selling a property for a loved one that has passed away.
    "Can I list a property prior to probate being complete? "
The quick answer is "YES"
REALTORS® are armed with their Professional Standard Manual (Pg 106 to be specific or online: "Buying from an Estate") that explains some of the details when buying or selling from an estate.
The most important thing when accepting an offer on an estate sale that has not yet cleared probate is to include:
Subject to the seller receiving the following by _______________
          (1) copy of a grant of probate or letters of administration which allows the property to be sold: and
          (2) assurance that everyone entitled to claim under the Wills Variation Act has waived or released their claims against the property.
This condition is for the sole benefit of the Seller.
This protects the Seller from committing to provide possession and completing on the transaction and then finding out later that 'Aunt Mary' wants the house and can claim title to it.  It's really inconvenient to then tell the Buyer - sorry - you have to move out.

For your entertainment:
Check out this Alan Thicke short video on "The Truth".......

When the going gets "Tough"... just call me
Susan Tough

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