“Wills, executors, inheritance, how does this all work anyway?” We buy houses in Baltimore and surrounding counties and are always asked how to sell probate house or even if it’s possible to sell probate house. The first thing you need to know is wills are filed in probate court to decide who can do what. Appointed by the probate court, an executor is the person entrusted with the administration of an estate. His powers derive from two sources: the Last Will and Testament of the decedent, and the state laws that grant powers to executors through letter of administration.
Can an Executor Sell a House in Probate?
The executor is able to sell a probate house — but only pursuant to the powers and limitations of the will and state law. When a person prepares their Last Will and Testament, they can specifically direct and authorize the executor to sell any or all of the real property. If there are any limitations on the sale, those can be spelled out. For example, a person directs his executor to sell his home as soon as feasible. The executor is bound to follow this directive and has all powers necessary to complete the sale.
An executor has the legal obligation to pay all the legal and lawful debts, including taxes, of the decedent. The executor adds up the estate’s assets and debts. If the debts exceed the available cash, the executor must sell some assets to create cash which is why they are the only person authorized to sell a house in probate. Personal property such as stocks, automobiles, jewelry and home furnishings would be sold first. If there is still not enough cash to pay all the debts, the executor has the power to sell a probate house or other real property. The executor chooses the manner of sale, whether public or private means.
Often times their selling willed property with the consent of beneficiaries. A decedent leaves his home to his three adult children. None of the children want the home and it is difficult to own one-third of a house. The children agree to sell the home and direct the executor to do so. The executor now has the power to sell the home. In Baltimore Md and other counties the executor will sign the deed.
Normally, any sale of real property is subject to the approval of the probate court but this is not always the case in Baltimore and the most of the state. This is a safeguard to protect heirs from an executor selling real estate to his friends cheaply. The executor in most situations is given sufficient time to market the home to obtain good value to settle the estate debts.
Contact us to sell probate house & get a fair cash offer by calling 443-585-0922 or fill out the form Here.