Want to know if you can sell your parents’ house before probate is granted?
This question comes up fairly regularly. There are many reasons why an executor wants to sell a home promptly after the death of loved ones. Some want to reduce the carrying costs of the home such as property taxes and utilities. There are others who have already found a buyer and are looking to sell as quickly as possible.
So do you have to wait for the grant of probate before you can sell your parents’ house in Long Island NY?
Yes, the executor or executors handling the Estate cannot effect any sale of a real property until the court has granted probate. A grant is a form of a certificate issued by the court that confirms the validity of the will and gives the executor authority to deal with the deceased’s estate.
However, the process of selling the house can begin before the grant of probate.
You can put the property up for sale and receive offers. A sale can even be agreed upon prior to the probate being granted, but the sale can’t close until the grant of probate is secured.
Probate sales can take time and a time frame of 3 to 6 months is common. So what are the alternatives while waiting for the grant of probate?
Tenancy-at-will basis
The first option is for the executor and buyer to agree to let the buyer take possession on a tenancy-at-will basis. A tenancy at will means that the tenant can move into the property while negotiations are ongoing. With this agreement, the seller allows the buyer to take possession of the residence without the money being paid to the seller.
In this scenario, the buyer is ready to request the bank to advance the mortgage funds and their lawyer is holding the remaining cash to close. The buyers’ lawyer can also forward the funds to the Seller’s lawyer with the condition that the funds cannot be released until the transfer of land is provided to the buyer.
Request a rush on the application for Probate
A second alternative is to request a rush on the application for Probate. However, a “rush” is at the court’s discretion.
If the court does not find any acceptable reason for the rush, it can be denied. If a sale has already been agreed upon, a solicitor can usually apply to the Probate Office to speed up the process. This will avoid drawing it out or the sale being lost.
Apply for a Limited Grant of Probate
The third option is to apply to the court for a Limited Grant of Probate. This requests the court to grant Probate for a specific purpose such as the completion of a sale.
Even if you obtain a limited grant of probate, the estate will still need to complete a full probate application.
Do you want to know more about selling a house in probate? Let me help you!
Don’t hesitate to get in touch with me if you have any question about the probate sale process in Long Island NY.
Call me, Rene Perrin, at 516-802-3785 today. Let me put my skills to work for you!
