What does probate to sell a house mean?
If the question, Do I need probate to sell a house in Canada has popped in your mind, you are likely either selling a house through probate or planning on selling a house without probate. Whichever it is, you must have a clear understanding of how probate affects a house sale for you to decide.
The query, “I need probate to sell a house,” will get dispelled if you will weigh the pros and cons of the sale without probate. Many homeowners in Canada prefer to sell it without probate, depending on how long it takes the probate to sell house. It can take a quarter of a year before the grant of probate by the surrogate court.
Do you need probate to sell a house? How long does a probate house sale take?
An application to the surrogate court or a probate grant can lie as soon as the person passes away. If you and other legal heirs wonder if selling the house without the probate is good, you will find several real estate agents ready to help you with it. In normal circumstances, three to five months is how long does probate take to sell a house.
Canada’s Supreme Court has stated some of the circumstances where the property will vest on the joint owner. The area of practice is still gray, and you may need a real estate lawyer to get a grasp of this topic to sell the property.
In regular cases, interest in land and the deceased person’s bank accounts will change hands only after the grant of probate by the probate court. Ownership interest will include all encumbrances and interests on the said property, such as mortgages, leases, mines, minerals, and caveats.
Unless there is a court order, the real estate owned by the decedent cannot change hands. The probate process may be long and winding, but that is no reason for bypassing it. If the decedent has written a will, the beneficiaries and legal heirs will need a court order called the grant of probate to sell the home. In case there is no known will, then there is a grant of administration. It has the same effect as probate.
Can the beneficiaries set the ball rolling?
Probate sales, once initiated, will not get reprimanded by law. The final sale of the land/property/real estate can only take place after the grant of probate or letter of administration.
When the property beneficiaries are few or share a congenial relationship, they may want to get in touch with real estate agents to sell a house. They can even get the property listed with realtors and even entertain sale offers. Once the probate or letter of administration comes, the beneficiaries can alienate the land title.
Time taken for probate is good:
From experience, when an handles the deceased property, a set of beneficiaries will want to cling on to it and there will be those that will want to transfer the property. This can confuse the executor of an estate during estate planning. The time taken for granted of probate or administration gives a buffering time to clarify what to do with the property.
– If any beneficiary is under 18 years of age, the transfer cannot take place without the consent of the public trustee. The grant of probate becomes compulsory in such cases.
Suppose there are beneficiaries over the age of 18 years but incapacitated or dependent. In that case, it will mandate consent from the public trustee, or a court appointed trustee that act as the executor.
– When such an adult-dependent has a guardian or a trustee, then it requires special consideration.
The will can have comprehensive directions:
Sometimes the will may mention estate planning. It may provide for time and manner for selling it, or it may state that the estate is for distribution among the beneficiaries only. It may grant certain people the right to buy a home or allow certain beneficiaries to live in it for any amount of time mentioned.
Do you need probate to sell a house? It is best to get it. The fastest way for a person selling it is to apply for a limited grant of probate. The limited probate allows the named executor to sell the home after paying debts and dues such as utility bills and life insurance payments. Need to talk to an expert? Please fill the form below or call us on the numbers given. We also buy homes for cash.