When dealing with a probate in Jacksonville, you and your family may have lots of questions. It can be a very confusing time for families when dealing with the death of a loved one and getting handed a property that you may or may not be ready for. In this article, we’ll dive into what is probate and your options!
What Is Probate?
Probate is a court-supervised process for identifying and gathering the assets of a deceased person (decedent), paying the decedent’s debts and distributing the decedent’s assets to his or her beneficiaries. In general, the decedent’s assets are used first to pay the cost of the probate proceeding, then are used to pay the decedent’s funeral expenses, then the decedent’s outstanding debts, and the remainder is distributed to the decedent’s beneficiaries. The first thing to do is to determine where the probate needs to occur. The best place to start is the municipality where the property is located. There are many states that require the probate to be done in the county in which the property is situated. Then, you will need to hire a lawyer to analyze the will then draw up the paperwork. The paperwork is then taken to the courts. The judge determines who is the rightful owner of a piece or portfolio of real estate usually based on the previous owner’s will. Very rarely does the judge rule against the will.
Why is Probate Necessary?
When dealing with a probate in Jacksonville, a probate is necessary to provide title of the decedent’s probate assets to the decedent’s beneficiaries. If the decedent had no will, probate makes it possible for the decedents assets and property to be given to the correct beneficiaries so they can divide between the family or to sell any property that the decedent may have. Probate also allows for financial affairs to be taken care of so creditors are paid correctly.
Who Pays For Probate?
You can either pay for the probate out of pocket, or you can arrange that the probate costs be taken out at closing. The executor of the estate will determine a listing price for the property, negotiate the sale price and execute the sale contract. The lawyer that is handling the probate for you will then send their invoice to the title company handling the real estate transaction. The probate will be subtracted from the proceeds of the sale of the property. Their fee can range from a few hundred dollars to well over a thousand dollars. This varies by state and value of the property.
Can I List Probate Real Estate?
You cannot sell the property before the probate is completed or without approval from the court. You will have to petition the court to be allowed to list the property. When it is listed available for sale, you may take offers on the property and have a contract; however, the closing will not occur until the probate is complete. When the probate case is filed, the title company knows who now can legally sell the property.
How Much Should I Sell For?
When selling a property in probate, you may be confused on how much you should sell for. A lot of different factors depend on what you should ask as a list price. Some of those factors are condition of the property like age of roof, a/c, plumbing etc. You can hire a real estate agent or an appraiser to give you a market value for the property. They can do a market analysis and let you know what to list the property for on the open market.
I’ve Accepted An Offer, Now What?
When you have received an acceptable offer, or you have negotiated a price you are willing to sell for, execute the contract. If you have any questions about the contract, reach out to a real estate lawyer to help you understand all the terms, conditions, and riders necessary to complete the deal. When the title company is chosen, make sure you provide the probate lawyers invoice to them so they can take care of the bill out of your proceeds.
Here at Mac Home Development, we know the probate process and work closely with some of the best probate attorneys in Jacksonville. Not only will we give you a cash offer on your property, we will walk you through the entire process from beginning to end and make sure you and your family are taken care of!