A probate sale occurs when a person dies intestate (without a will), and their real estate is sold off through the administration of the probate court. This can also happen in cases where the person did leave a will, or where there were certain problems or unresolved conflicts regarding their property.
In a probate sale, the court puts the property up for sale on the market. Like any other real estate sale, the court will attempt to have the property sold at the best price so that the deceased person’s estate can benefit as much as possible.
While the probate court oversees the overall sale, several other parties may be involved in the sales process. These include:
Probate sales are similar in many respects to other types of real estate sales, such as short sales, judicial sales, and other types of transactions. In a probate sale, there may be some benefits with regards to pricing and competition.
However, there can be some risks, as the probate sales process often takes longer than a standard real estate sale. For instance, there can be some legal issues with the property, such as those concerning titles, deeds, and defects. It is often necessary to hire a lawyer when attempting to buy property through a probate sale.
Probate sales can sometimes involve some complex laws and documents. You may need to hire a qualified real estate lawyer if you need assistance with any probate sales matters. Your attorney can provide you with guidance during the process and can also represent you if any legal disputes arise.
Last Modified: 08-26-2014 12:03 PM PDTLaw Library Disclaimer
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