How do I sell a property in probate in Colorado?
If you have been tirelessly looking for detailed information about “How To Sell A Property In Probate In CO”, or anywhere else in the country, your best bet is to go with an IAEA approved sale. Remember, this is our opinion, and you should still consult a local real estate attorney in order to get more detailed information about your specific situation.
What is the Independent Administration of Estates Act? Why is it important if I want to sell a home in probate in Colorado quickly?
The set of laws in this country known as the IAEA allow a personal representative to administer a part, or all of the estate of a descendant within the family structure. This law was created to make the probate sale process run smoother, and it assists in allowing a settlement to be obtained faster, without having to go through the endless court approvals and other red tape that usually accompanies these types of home sales in Colorado. Your representative in this situation can apply for a contract that will enable them to sell the home without going through the standard process, so you should definitely attempt to get this “Letter of Testamentary”, then it could have a lasting impact on the entire probate process. The courts would then hand over all supervision of the sale, and back out of the deal. A descendant can prevent the estate from being administered under IAEA laws, so please keep that in mind.
What is the difference between limited authority and full authority? Will this affect how I can sell my house in probate or inherited property?
If the court system grants you with a “limited authority” status, then you can conduct most of your actions relating to the estate without first obtaining approval from the courts, but you cannot sell or option the property without supervision from the court. Additionally, you will not be able to use the equity of the home to borrow money against the property during the “limited authority” status level. If you want to increase your overall authority in this process, then you must convince the court to grant you full authority.
Does the court determine price and terms when real estate is being sold under the IAEA in CO?
No. Under full IAEA authority, as an administrator, you do not need to obtain approval from the court to determine the price. The sale may be for cash or on lending terms, whatever the situation calls for.
Is the administrator or personal representative supposed to inform the heirs of the sale? If so, how do they property notify the involved parties?
Yes. The rep must file a “Notice of Purposed Action” to inform the heirs that the house is going to sell. One exception is if the heirs have already provided a written consent to allow the sale to go through, in which case they would simply move forward with the selling process.
- Everyone named in the will
- Each heir entitled by law to part of the estate
- The Attorney General if part or all of the property is going to the state
- Other parties such as creditors or people with beneficial interest of a trust
How to notify the appropriate parties:
1. Finish the “Notice of Proposed Action” form that you received from the court clerk, or you can simply download the form right online.
2. Mail or personally deliver the notice with all appropriate attachments to each person at least 15 days before the date specified in the Notice of Purposed Action.
You cannot mail or deliver the papers yourself – you must have the mailing or delivery done for you by someone else.
The persons who are required to get notice are as follows:
Each devisee (if the decedent had a Will) whose interest in the estate would be affected by the proposed action;
Each heir (if the decedent did not have a Will) whose interest in the estate would be affected by the proposed action;
Each person who has filed a Request for Special Notice; and
The Attorney General, if any portion of the estate will escheat to the State of Colorado, and its interest would be affected by the proposed action.
You can also (and it is recommended that you do so, if possible) have each of the persons receiving the Notice of Proposed Action date and sign the “Consent to Proposed Action”.
3. The person who mailed or delivered the Notice should complete a Proof of Service. This is a simple form and can be found readily online.
How can a recipient of the Notice of Proposed Action object to the sale?
Any person who is required to receive the Notice of Proposed Action can make an objection to the sale of the home by delivering or mailing a notice to the personal representative before the actual sale on the property takes place.
An objecting party can also request that the court order to restrain the personal representative from the sale without court supervision. The court must grant the request and may do so without notifying the personal representative.
If the personal representative has been granted full authority under the IAEA, must they go thru with the sale under these terms?
No. You do not have to administer the estate under these terms. There are advantages to administering the estate under these acts, however. It is usually faster, there are less restrictions and more freedom when administering an estate under these acts.
How can I obtain an offer for the property in probate or a property I inherited in its “As-Is” condition?
If you’ve been looking for the best way to sell your home in probate in CO, then the easiest path to doing that is directly through us. We are a local cash buyer in the Colorado area that specializes in purchasing homes that are in probate, and we have been working with clients in this region for quite some time now. We can stand by your side throughout this entire process, and answer any questions that you have about selling your home in probate in CO. You won’t have to worry about fixing up the property to get it ready for retail sale, and we even buy up properties that have fire and water damage, so please don’t hesitate to contact us! We can handle your housing situation in a fast yet effective manner, and provide you with the cash that you need to move on with your life and forget about dealing with this burdensome property! Be sure to also check out our other article on how to sell a home with tenants in Colorado.