Selling real property during Florida probate is a common scenario that many heirs and beneficiaries face when dealing with the estate of a deceased loved one.
Sometimes, the decedent’s family does not want to sell; however, they have to do it to pay off the decedent’s debts. If the estate owes any money, then the sale proceeds must go towards paying them first. Any leftover money goes to the heirs.
The good news is that selling real property during probate is usually not too difficult in Florida. However, it is more complex than selling other assets, so it is always advisable to seek the guidance of an experienced Florida Probate Attorney.
Selling Real Property During Florida Probate
Starting the Process
If the decedent owned real property (other than his/her homestead), the personal representative will need authorization from the court to proceed with the sell.
The appointed personal representative must file a Petition for Order Authorizing the Sale of Real Property with the court.
Listing the Property
The first step in selling a property in Florida is getting it appraised.
The next step is listing the property on multiple online platforms, making it very clear to potential buyers that the property is being sold through probate. It normally takes a couple of months to find a buyer.
Alternatively, you could try to sell the property to an investor instead. If the property is in poor condition and you want to sell it as-is, finding an investor might be your best option if you just want to get the money as soon as possible.
Once You Find a Buyer
The Personal Representative must ensure that the sale is an arm’s length transaction and is for fair market value. He/she must also provide proof that the beneficiaries entitled to the assets of the estate have consented to the sale or that they have been provided with formal notice of the petition to sale.
If a beneficiary has an objection, the court will schedule a hearing.
Objections can significantly delay the probate process, so if you expect a conflict in the family over the sale of the property, it is a good idea to try and resolve it without going to court.
We Can Help You
We are a team of dedicated and experienced probate attorneys who can handle all aspects of the process, from obtaining the appraisal and listing the property to obtaining the court’s approval and closing the sale. In addition, we can advise you on the tax and legal implications of the sale and protect your rights and interests in court.
If you have any questions or if you need legal assistance with any other probate issue, please do not hesitate to contact us today.