Tuesday, August 16, 2011

The two delicious flavors of probate properties

I know, talking about probate properties is boring and has nothing to do with ice cream.  But you may need this info some day, and yes, if you're in the middle of a probate real estate transaction, you can get through this.  I'm posting this because I'll have a listing later this year that's currently tied up in probate court.

"Probate" is when the state (any state) steps in when somebody has died without leaving a will.  The state oversees the distribution of assets to remaining heirs and claimants.  Fair, no? But with regard to houses, there are two delicious flavors of probate proceedings: 1) probate properties that need court confirmation to sell and 2) probate properties that don't need court confirmation to sell and close.  Both processes are complicated, and that's why there are estate attorneys and whole bodies of law devoted to this. 

How do you tell one from another? If you're an heir or claimant to the estate, the court and attorneys will determine this for you.  If you're a buyer, the multiple listing service must say the property is subject to probate court and must also say which method is being used.  And if you're confused, please feel free to contact me for links and other info.

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