What are some of the duties of the Executor when selling a house?
If you have been appointed the Executor of an estate you should consult a board certified Estate attorney. That notwithstanding here are some of the duties and responsibilities you will be charged with once the probate court has ruled the will is valid and you are selected the Executor as it relates to real property:
· Notify all heirs and other interested parties if and when you plan to put the house up for sale.
· Obtaining an accurate “fair market value” of the house from an independent party such as a licensed residential appraiser or with the help of a real estate agent. You must secure the home, maintain and keep it insured.
· Filing the petition to sell the probate house with the courts
· Upon confirmation from the probate court, the Executor may either be granted full or limited authority to carry out the transaction (this according to the IAEA – Independent Administration of Estates Act)
· Compiling all the necessary documentation (contracts and disclosures) that will be used in the sale of the home.
· Hire a reliable real estate agent who is experienced in probate and trust sales and be able to explain the language, the documentation and the steps in the process to conduct the sale on behalf of the estate.
· Entertain offer to purchase and agree and comply with the terms and conditions for the contract to purchase and addendums.
· Duty to report back to probate court to finalize the sale with the court’s approval.
· Directing the funds acquired at closing from selling the house back to the deceased’s estate.
Disclaimer: The information provided in this site is not legal advice, but general information on real estate issues commonly encountered. Russell-Realtor is not a law firm and is not a substitute for an attorney or law firm.
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