Sell My Probate House Fast Homestead FL
Are you looking to sell your house fast in Miami, Homestead, Fort Lauderdale or the surrounding area because your property is in probate? Before you sell your house fast you need to understand the probate process. This is not legal advice, please consult an attorney. This is information only, so with that said, let’s get started.
What is Probate?
The legal term probate means collecting the assets of a deceased person for the purpose of paying his/her debts and distributing the remaining balance to the beneficiaries. This process is supervised by a court and can take from several months to several years to complete depending on the complexity.
Most probates cases close in two years. There are three phases that most probates go through to close regardless of the length of time they take.
Before we get to that let’s start with some terms you need to know.
Estate – The property and assets of an individual which can include stocks, bonds, bank accounts, life insurance policies, all real estate and personal property.
Decedent – The person who passed away and was the previous owner of the estate. The probate is filed for their estate
Executor (male) / Executrix (female) – The person or persons named in the will to manage the estate of the decedent.
Administrator (male) / Administratrix (female) – The person appointed by the court to manage and oversee the court process for the estate when the individual dies without a will.
Personal representative – The person who represents the estate if there is no executor or administrator.
Petitioner – The person who files the probate. Often they end up being appointed as executor or the administrator.
Beneficiary – The person who receives the property or other assets from a will, insurance policy, or contract.
Heir – The person who is legally entitled to the property after the owner dies.
Now that we got the terms out of the way, let’s talk about the three phases of probate.
It is important to understand that this can be a difficult time for the personal representative because loss and death can be hard to handle during this time. So the seller of the house or property needs to be handled with a lot of empathy and understanding.
It’s also why we are upfront about the process and provide as much information as possible to make the experience of selling your home fast the best it can be under the circumstances.
Frequent open communication with the estate representative during the whole process is key. We help you through each step of the process. So let’s map out the process right here. This will be a high level map of the three phases of probate.
Phase 1 - The Appointment Phase
The appointment phase is where the probate case is filed with the court and an executor or administrator is appointed. During this phase the will is produced if there is one. This phase is complete when the court issues a letter of testamentary or letter of administration. This phase can take one or two months.
The letter is a document issued by a probate court that gives an executor the power to act in a fiduciary manner on behalf of the estate. You present the letter of testamentary/administration along with the death certificate when you handle estate business to show that you have the authority to act on the estate's behalf.
Phase 2 - The Administrative Phase
This phase is where the executor/administrator gathers all the information needed to present to the court. This include all debts, assets of the estate, notifying all debtors and creditors, and locate all insurance policies, etc. They may have to liquidate some of the assets to pay off debts or produce liquidity. This phase is also where debtor issues, and issues with heirs are resolved. This can take 2 to 8 months depending on the complexity.
Phase 3 - The Closing Phase
This is the phase where the executor or administrator gives the final report to the court. They will give an accounting to the court and to the beneficiaries. They also distribute some of the assets or the remaining assets of the estate to the beneficiaries. The last thing they do is close the case. This can take up to 4 months for a case that lasts a year.
If someone in your life has named you as the executor of their estate in their will, then, when they pass away, you take on the responsibility of making sure that the terms of the will are carried out and that all the business of the person's estate is taken care of. This includes paying bills, closing bank accounts, locating assets, and giving property to the beneficiaries named in the will. If you are in the Miami, Homestead, Fort Lauderdale or the surrounding area and you are trying to sell a property in probate and have questions or need help, don’t hesitate to contact us at the number on this page.
Currently we buy properties for cash in the South Florida area including Miami, Hialeah, Homestead, Fort Lauderdale and any area in the Miami-Dade County Dade, and Broward County areas. Any condition. Any area. If you need to sell quickly, we are ready to buy for cash.
Call us today and if you are ready to use our ‘sell my house fast Homestead’ service. Call today!
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