The answer to the often-asked question “Can a house be sold while it is in probate in Montgomery County PA?” is “Yes.”
The first thing to remember when asking can a house be sold while in probate in Montgomery County is, it’s important to closely follow the relevant laws and regulations of your state. The probate court will oversee all aspects of the sale, and as the executor, you are responsible for reviewing and approving all the sale terms. This can be a complicated undertaking, but having a good understanding of the process can help to make things go more smoothly.
Can A House Be Sold While In Probate In Montgomery County PA?
Appointment of Administrator/Executor
When a person passes away and leaves a will, the document usually names an executor who will be responsible for carrying out the deceased’s wishes. If the named individual agrees to take on this role, they will be officially appointed as the executor. However, if the will does not specify an executor, or if the named individual declines the role, the court or other family members may appoint an administrator to carry out the duties of the executor. Typically, an administrator is a close family member, such as a spouse or adult child. The administrator will be responsible for managing the deceased’s assets, paying off any outstanding debts, and distributing the remaining assets to the beneficiaries according to the laws of the state. Regardless of whether an executor or administrator is appointed, it is important to ensure that the individual is trustworthy and capable of handling the responsibilities of the role.
After a property has been identified for sale, it is important to have it appraised to determine its value. However, the selection of a licensed and reputable appraiser is crucial to ensure an accurate assessment. It is essential to sell the property at a price that is at least 90% of its appraised value. Therefore, selecting a skilled appraiser who can provide a precise appraisal is crucial to avoid any potential losses in the transaction. An accurate appraisal will not only help determine the fair market value of the property but also provide a reliable basis for negotiations and pricing decisions. Hence, the selection of a qualified appraiser is a crucial step in the process of selling a property.
At this stage, the question of whether a house can be sold while in probate in Montgomery County PA begins to be addressed, and the process typically commences by listing the property on a multiple listing service through your agent. This will inform potential buyers that the sale is a probate sale.
Once a prospective buyer expresses interest in purchasing the property, they will submit an offer accompanied by a 10% deposit. It will then be up to you to decide whether to accept or reject the offer. If you accept the offer, it will be subject to court confirmation. You will need to submit the offer through your probate attorney to the court for review and confirmation. If all parties are in agreement, the court will schedule a date for the sale to be finalized.
After the court confirms the offer and it has been accepted, a Notice of Proposed Action will be sent to all the heirs of the estate. This document will outline all the terms and conditions of the proposed sale. Heirs will have a 15-day period to review the notice and raise any objections they may have. If no objections are raised by any of the heirs, the sale can proceed without the need for a court hearing.
The process can become a bit more complicated at this point. Before the court confirms and approves the original buyer’s offer, the judge will inquire if any present in the courtroom would like to make a bid on the property. If there are no other bids, the sale will proceed according to the previously mentioned standard procedure.
If there is an overbid, the original buyer’s 10% deposit must be refunded before the new sale can proceed at the higher bid price. Once the overbid is accepted, the new buyer must provide a 10% deposit in the form of a cashier’s check. This check is to be presented to the executor or administrator at the winning bidder’s acceptance hearing.
After the court confirms and approves the sale, a specialized kind of sale contract can be signed. However, this contract cannot have any contingencies, and escrow typically closes within 15 days of the hearing.
As the process of selling a house in probate can be complicated, it is recommended to seek the assistance of an attorney who specializes in probate law to ensure that all relevant rules and regulations are followed correctly.