When you are ready to buy your first home, there are a lot of different things which can go wrong or delay the home buying process. One of the rarer occurrences which can affect you and your ability to buy or sell a home is when someone dies.
Probate is a term which is used to describe what happens when someone dies and the estate needs to be administered. It can slow down your buying or selling process by a huge stretch because legal proceedings need to be gone through and the sales must be approved by the next of kin.
It can be a process which takes months to complete and may even mean that you can no longer move into the home you wanted to move into. Here is what to do when you deal with probate on a home.
If you are selling the property of a loved one, you will need to hire a living trust law firm to help you deal with the probate situation. You will first need to obtain a grant of probate which will allow you to go ahead with the process and start to divide the estate and assets of the deceased person. The process to obtain the grant of probate can be lengthy because it can involve a lot of debate over different assets and who they truly belong to. If you are in the middle of selling your home and the probate isn’t ready by the time of a transaction, this can cause an issue for all parties involved.
When you are looking to buy a property which is going under probate, it is important to remember that the executor of the will won’t necessarily know that much about the property you want to buy. If the executor is a close family member to the deceased then you will be able to get a lot of information out of them, but if they are a distant relative this can be much more difficult for you and them. It is important to be patient with a situation like this because someone has died, and the executor might be finding the whole situation difficult to handle. As a buyer, you will want to choose a full home buyer’s report so that you can learn as much about the state of the home as you possibly can. This will allow to spot any issues and make sure that they are rectified as soon as possible before you move into the home.
As a home buyer or seller, it is important to realize that probate means someone has passed away. It can be a drawn-out process to get the will settled and move around assets, but you must be patient and respect the family during this difficult time. It may take a few weeks or it could take a few months, but the issue will be resolved and soon enough you will be able to move into your new home.