Many people wonder, “if selling a house in probate in Florida FL can be done?” The simple answer is yes, but, like any property transaction, Selling a house in probate it’s essential to closely follow the specific rules and regulations set by your state. When a house is sold during probate, the probate court oversees every detail of the sale to ensure everything is in order. If you find yourself in the role of the executor, you’re responsible for overseeing and approving the sale’s conditions.
This responsibility might seem daunting due to the legal oversight and the layers of approval required. However, gaining a solid understanding of the probate sale process can demystify it and streamline your experience. This introduction aims to shed light on the steps involved in selling a house in probate in Florida FL, offering insights to help you navigate this intricate process with greater ease and confidence. By familiarizing yourself with the necessary procedures and legal requirements, you can facilitate a smoother, more efficient sale, even under the unique conditions that probate entails.
Can A House Be Sold While In Probate In Florida FL?
Appointment of Administrator/Executor
In instances where the deceased has left behind a will that explicitly names someone to serve as the executor, and the nominated individual agrees to take on this responsibility, they are formally recognized and appointed to the role of executor. This appointment is an important first step in managing the decedent’s estate, as it grants the executor legal authority to make decisions and oversee the distribution of assets as specified in the will. Conversely, if the will does not nominate an executor, or if there is no will at all, the responsibility falls to the court and possibly other family members to identify and appoint a close relative who is willing and able to assume the role of administrator. This appointed administrator will then carry out similar duties to an executor, including the distribution of the estate’s assets and the settlement of any debts, under the guidance and supervision of the probate court.
Appraisal
The following crucial step by selling a house during probate in the process involves getting the property professionally appraised. However, it’s imperative to ensure that the appraiser you select is not only licensed but also holds a strong reputation in the field. This is because the sale price of the property is required by law to meet or exceed 90% of its appraised value, underscoring the importance of an accurate and fair valuation. Therefore, choosing an appraiser with the expertise and integrity to provide a precise valuation is essential. This accuracy is crucial for setting a fair market price that complies with legal requirements and reflects the property’s true worth, thereby safeguarding the interests of both the seller and the potential buyers.
Sale
This is the step where the answer to “Selling a house in probate in Florida FL?” begins to become a reality. And you’ll start by having your agent list the house on a multiple listing service so that buyers will know it’s a probate sale.
An interested buyer makes an offer along with a 10% deposit, an offer which you can accept or reject. If you do accept it, the offer is then subject to court confirmation. You must submit the offer through your probate attorney to the court for confirmation. If everyone is in agreement, then a date is set for the sale to be finalized in court.
When the offer on the house in probate has been accepted and confirmed by the court, a Notice of Proposed Action must be mailed to all the heirs. This document states all the terms and conditions of the proposed sale. Heirs then have 15 days to review the notice and raise objections if they have any. If none of the heirs has any objections, the sale can go forward without a court hearing.
Overbidding
Now, here’s where selling a house in probate gets a little complicated. Before the court confirms and approves the original buyer’s offer, the judge will ask those present in the courtroom if any of them would like to bid on the property. If no one does, then the sale proceeds in the standard fashion mentioned above.
If, however, there is an overbid, the original buyer’s 10% deposit must be refunded before the new sale at the new bid price can proceed. When the overbid is accepted, the new buyer must then put up a 10% deposit, which is required to be a cashier’s check. This check for the accepted overbid deposit is presented to the executor/administrator at the winning bidder’s acceptance hearing.
Upon court confirmation and approval, a contract can then be signed. But it is a specialized kind of sale contract because it cannot have any contingencies, and escrow closes soon after the hearing, usually within 15 days.
As you can see, there are some complicated rules for selling a house while in probate. It is advised to consider contacting an attorney for more specific help.