Covering every aspect of the probate home sale, the new guide from Berkshire Hathaway Pen Fed Realty clarifies the various steps needed to get a property in probate ready for listing. It highlights the roles different parties, including Maryland’s special Orphans’ Court, play in facilitating a smooth probate real estate transaction.
More details can be found at https://guidetoprobate.com/
The recent release is part of an educational series published by the firm to help individuals and families dealing with the loss of a loved one navigate the complexities of the probate system with as little friction as possible.
The guide provides a quick overview of what probate is, describing it as the process for transferring the legal rights of a deceased individual’s estate to their heirs or beneficiaries. In Maryland, the Orphans’ Court handles all probate matters, the guide notes.
Outlining a seven-step framework for selling a house in probate, the guide explains that the inheriting party must first petition the Orphans’ Court to open the deceased individual’s estate. Next, an executor is appointed who assumes full responsibility for the estate. This individual is usually named in the will or appointed by the court in cases where the deceased did not leave a will.
According to the guide, the executor is required to obtain Letters of Administration, which empower it to administer the estate, including selling the property and other assets.
Other important tasks the executor must complete before selling the property include obtaining a fair market appraisal of the probate house and deciding on the best strategy for selling it.
Unlike regular house sales, selling a property in probate is more complicated and can take longer. Berkshire Hathaway Pen Fed Realty recommends working with experienced realtors like Marc Cormier, who understand Maryland’s probate legalities and local market, for a quick, smooth sale.
Cormier states, “Losing a loved one is never easy, and the legal process that follows can add to the stress and complexity of an already difficult time. If the deceased person owned a house or other real estate, it must go through the probate process before it can be sold. This process can be particularly complicated, especially if you are not familiar with the legal requirements in Maryland.”
Interested parties can learn more at https://guidetoprobate.com/
Berkshire Hathaway Pen Fed Realty
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Florida Times Daily journalist was involved in the writing and production of this article.