What Real Estate Agents Need To Know About Virginia Probate Real Estate
To many the situation is all too familiar, a loved one has passed, leaving a family home or other property to a number of heirs who disagree on what should be done with the property. Often one or more heirs wish to sell the property while another wishes to live in and maintain the property. It seems the above situation is more and more common in this post-recession era. As such, understanding Virginia probate real estate law is necessary to move through this process quickly.
Heirs of an estate with their own financial burdens are increasingly less likely to be in a position to “buy out” the interests of the other heir in the estate. Often one or more heirs wish to live in the property. The others wish to sell the property and monetize their interest in the real estate. As such a dispute often arises on what should be done with the property. Despite, beliefs to the contrary, all of the heirs of an estate need not agree on the sale of the property in order for the sale to be approved. The Reform Act of 1994 simplifies the process for the personal representative to oversee, manage, and sell real estate held by a probate estate.
The Reform Act of 1994 has statutorily defined right of the personal representative to oversee, manage and ultimately sell real estate which is held in the probate estate of a Decedent. Prior to the Reform Act of 1994, a personal representative was required to seek a court order before they could invest in, sell, exchange, lease or otherwise dispose of real property on behalf of the estate unless the Decendent’s will specifically authorize such action and waived bond or all interested persons consented and waived bond.
What Options are Available?
The Reform Act of 1994 dispensed with one of the most commonly raised issues in probate real estate. What to do when one heir wishes to sell a property and another wishes to keep it. The Reform Act of 1994 specifically authorizes the Personal Representative to sell the property. Furthermore, you should take special attention to how you open the probate estate. Finally, handling the process of selling probate real estate also depends on the type of estate. You should take special care to hire a knowledgeable team to help with the sale of the property.
Who Do I Need On My Team?
The first part of the team should be a knowledgeable probate attorney with experience handling real estate transactions. The second and experienced real estate agent to handle the marketing and sale of the property. For properties that the personal representative and agent may not have a good understanding of the value a well trusted and reputable real estate appraiser should be hired to provide a valuation of the real property to ensure that the value of the probate real estate is being maximized. Engaging an appraiser to provide a valuation of the property can also be an effective tool in addressing any claims by unhappy heirs. These claims typically originate from heirs that are unhappy for the selling price of the property.
Contact Our Virginia Attorneys for More Information
For more information please contact Antonoplos & Associates at 202-803-5676 or directly schedule a consultation. Finally, for general information regarding Virginia probate real estate, check out our blog.