When a person dies, his executor is expected to execute the terms laid down in his will, and this includes selling the estate that belonged to the deceased. Selling a home of the deceased is one of the most significant tasks carried out by an executor, which can also be a very emotional process for the family left behind especially if they were living in that home. Sometimes the beneficiaries of the deceased’s will might request the executor to transfer the property into their names rather than selling it. However, if the deceased’s estate must be sold, an executor should consider the following points for the entire process to work smoothly.
The Application Process for the Grant Is Easily Carried Out in Three Steps, and These Include
First of all, the executor must complete an IHT account or a return of estate information form whereby he details all the assets and liabilities of the deceased, and the valuations at the date of death. This valuation must be attained from at least three estate agents, and the average is chosen as the value of the property. A surveyor’s valuation can also be considered at this point. Secondly, the executor must manage family’s expectations about the sale of the property in question because what the real estate agents may give as the value of the estate may not be the same as theirs. The executor needs to manage these expectations to avoid conflicts or confusion with the family. Thirdly, there is the need to choose a real estate agent who is ready to work in the best interest of the deceased by diligently selling his estate. The real estate agent not only helps in valuing of the property but also marketing and helping potential buyers to view the property.
Methods of Selling the Property
Before the real estate agents began selling the property, a must be obtained first. This means that the executor must work within the realistic timelines to avoid delay or an override of the grant. Once time is set for the sale to continue, the real estate agents can sell the estate using a fixed date sale, auctioning or private sale. As an executor, you are supposed to discuss with your chosen team of real estate agents and determine the most suitable method for the property in question.
Everything you deal with or any agreement you arrive at with your agents should be signed as a legally binding contract. This contract will carry elements such as sales price, commission to earned, advertising costs and obligations of each party among other terms. In such a case consider, talking to a deceased estate lawyer perth so that you can be advised on the nature of the contract and terms to include. Working with a professional will save you a lot of troubles and conflicts.
The Sale of the Property
Your estate agents will negotiate for the best price for the property with potential buyers while the lawyers and financial institutions you have chosen to oversee the transaction will make sure everything goes as planned. Once a settlement is achieved, it is obvious that have you handed over the legal rights to the property to the buyer and received the agreed amount of money. If there is more to execute according to the deceased’s will, this is the time to do so.