Dealing with a probate property can be confusing, especially if you haven’t done it before and are unfamiliar with the process. This guide will walk you through exactly how to sell your property during probate, and how to complete the necessary paperwork to get the title into your name so you can have the authority to execute the sale.
Step 1 – Become The Executor For The Estate By Getting A Letter Of Testamentary
A Letter of Testamentary—sometimes called a “Letter of Administration” or “Letter of Representation”—is a document granted by a local court. The document simply states that you are the legal executor for a particular estate and that you have the ability to act as such.
In order to get the letters of testamentary from the court, you will need to show proof of the living will of the relative who has recently passed, giving you authority over their estate. You must fax, email, or send copies via regular mail to the probate court, or show up in person to your local city hall, and then they will provide you with the letters of testamentary that authorize you as the sole executor over the recently deceased family member’s estate. Once you have the certified letter from the courts along with the death certificate, then you will be able to execute the sales on the behalf of their estate.
Pro tip: Be sure to obtain several copies of the letters of testamentary, as sometimes the banks and other institutions you will be working with will want to keep a copy for themselves.
Step 2 – Get Copies Of The Death Certificate
The next step in the process of selling your inheritance property during probate is to obtain copies of the death certificate, which will be required along with the letters of testamentary to give you the required authorization to conduct real estate transactions, banking, and other commerce on behalf of the deceased person’s estate.
This is probably the easiest document to obtain, as it’s readily available. The letters of testamentary are the most difficult and time-consuming to obtain because you have to deal with the local courts at city hall which oftentimes can be extremely time-consuming and frustrating.
Step 3 – Execute The Sale
Once you have both of the documents mentioned above, you now have the necessary authorization to conduct transactions in the name of the estate. All you have to do is bring copies of the letter of testamentary along with the death certificate, and you can now act as the executor of the estate, selling real estate and other personal property that was left behind in the living will. All of the funds from the sales during this process typically go into an escrow account with a federal tax ID number, and it’s treated like a business entity that has to pay taxes to the government.
For More Information On Selling Your House In Probate Please Read
- How To Sell A Property In Probate In Colorado
- Selling An Inherited Property In Colorado – Step By Step Guide
- Selling An Inherited Home In Colorado Springs Fast
- How To Sell A House I Inherited In Pueblo Colorado
- We Buy Houses In Probate In Colorado
Summary Of What You Just Learned
In summary, that is all that is required to become the executor for a deceased family member’s estate, and that is exactly how you go about getting the necessary authorization to conduct real estate transactions on behalf of their estate. If you have questions about how to file the paperwork correctly, or you are getting hung up on one particular area of the probate process, please feel free to reach out to us for help via text or email at (719) 286-0053 and someone from our team will be more than happy to assist you. If you want to get a free online quote on your inheritance house, and want to sell it fast, then simply fill out the form below with your name and property information and someone from our team will get back to you within 24 hours with a custom price quote for your specific situation.
Get A Risk Free, No Obligation, Fair Cash Offer On Your Property Today!
If you have a property that is tied up in probate, and you are actively working toward becoming the executor for the estate, and are looking for a quick and easy way to liquidate the equity of the home without dealing with the added stress of making repairs and listing it with a realtor, then please fill out the form below and we will make you an all-cash offer on the property in under 24 hours. Our team has purchased several properties in probate, often from clients who live out of state, and they have inherited a house here in Colorado that they don’t have the time or money to manage. For these homeowners, sometimes the best option is to do a quick cash sale and extract some of the equity that’s there, and then move on with their lives.
The Convenience Of Selling To An Investor
People are busy, and most people don’t have the time or money to be bothered with complicated real estate transactions like selling Colorado houses in probate. It’s already hard enough just to get the paperwork in order to become authorized to sell the real estate, and then on top of that, you’re going to have to worry about hiring contractors, paying commissions and listing fees to a real estate agent, all while you’re living out of state? Or, would it be much more convenient to sell the home quickly for cash to a private real estate investment company such as us here at HBR Colorado. You decide. If you’d simply like to weigh your options and would like a free quote on your property today, then fill out the form below.
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