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March 4th, 2021 9:07 AM by Barbara Doeringer
Whether it’s an heir, seller or buyer, the definition of probate real estate never changes:
Without probate, the heirs cannot sell/convey/transfer the real estate. This process of an attorney opening a court file, procedurally moving what the deceased had to the rightful heirs, formally transferring title, is probate. Once title is transferred, the heirs have authority to sell/convey/transfer the real estate.
For contractual and title purposes, in order for the decedent’s primary residence to be sold to a buyer, all heirs, whomever they may be for that specific situation, must all sign the real estate contract as “Seller.”
An important reason for securing the signatures of all heirs revolves around title insurance especially for “Homestead” property. When the heirs and buyer attend the closing, title insurance will require all heirs to execute deeds as “Seller.” If the property was not the primary residence of the decedent, some title insurance companies may allow the personal representative appointed for the estate to sign the deed at closing.
There is so much to know concerning buying and selling real estate, it is always recommended to work with a professional, experienced realtor who can guide you every step of the way, eliminating complications and stressful situations. We, at Whippet Properties of Florida, are always ready to help!