Selling an estate property... the process | HomesMSP

We just closed on the sale of an estate property… it isn’t quite the same as selling your own home. I am not an attorney and cannot give legal advice, but the following gives an idea of what to expect based on my experience.

POA expires at death… it is no longer valid when the owner of the property dies
If there is a remaining spouse or the property has a Transfer on Death Deed, the ownership of the property automatically transfers on death so there is no waiting period to sell the property if desired
If the property must go through probate, you must work with an attorney to assign a Personal Representative (PR) to handle the sale of the property… this process can take longer than you might think, your attorney should be able to give you an estimated timeline… (I recently talked to the executor of an estate and PR of a home I helped sell nearly 4 years ago and they are finally finishing going through probate soon!)
If the property is held in trust, it depends on the terms of the trust… again, your attorney can explain what needs to happen

In the meantime as you wait for legal authorization to sell, focus on getting the property ready to sell.

Have city inspection if required, and make possible repairs
Decide whether you are going to sell the property staged with existing furnishings, empty, or professionally staged
- Meet with a Realtor to help make that decision based on the condition of the property, other properties listed for sale, and existing furnishings
- Most of the time it is best to remove everything from the property but that may not always be the case
Meet with a stager to help plan how to stage with existing furnishings or give an estimate for bringing in staging furnishings
- The property can be virtually staged in listing photos, but while that may look good in photos and bring in buyers to look they may be disappointed when seeing it in person and it can backfire Virtual Staging vs. Real Staging: Why the In-Person Experience Matters
Make updates as needed
Have family and friends take desired items
Sell, donate remaining personal property
Clean, clean, clean
Have property professionally photographed and list property for sale
After accepting an offer, the next steps include possible repairs or price negotiation following an inspection, if one is included as part of the purchase agreement
Prepare for title transfer, which is done behind the scenes by the title company
- In Minnesota, a spouse has equal ownership in the property even if the property was purchased as a single owner and the couple has since divorced or the spouse has died
- In order to give clear and free title, you may have to provide a divorce decree or a death certificate even if those events happened many years ago
Final settlement papers are pre-signed by the Personal Representative
- Can be completed in another location or state
- Documents must be notarized – can be accomplished at a remote site, arranged by your closer
- Proceeds must go to an account with the estate name, can be a check or wire transfer