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What is Probate in Real Estate?

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Real estate can be one of the most important purchases that a person can make, which is why the process by which real estate is handled when someone dies, becomes just as important. Upon someone’s death, real estate has to be handled based on what they’ve indicated on their will. In most cases, this happens through what is known as probate. 

Probate is known as the official legal process taken to ensure that real estate is handled based on the deceased person’s wishes. At the DV Real Estate Group, our team of dedicated Jersey City real estate agents are well versed in handling real estate probate cases. When real estate is handled in probate, the courts oversee the sale of any property. Depending on the wishes of the deceased, the property at hand can either be transferred to a living heir or if no instructions have been set, the property can be put up for sale, therefore creating opportunities for investors to buy properties in probate. 

In order to buy or sell real estate in probate, an executor must be appointed to oversee the transaction. The executor has to be approved by the courts. The real estate in question must be then appraised and eventually put on the market by an experienced real estate agent. Once an offer is made and accepted, a notice is sent to all heirs with a deadline to accept the terms of the deal. In most cases, the courts may also need to approve the offer. After the sale is completed, the monies may be used to pay debts or where applicable can be distributed to any heirs of the estate.

If you are on the seller’s side and are looking to sell probate property, it is recommended that you work with a real estate agent with experience in probate properties or one who is certified to work probate properties. Our team at DV Real Estate Group has a qualified team of experts ready to help you.

Contact us today.

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