How to Sell an Estate Home

Introduction

Welcome to the Texas probate process, which involves several steps to settle an estate. This guide will provide an overview of each step.

Step 1: Filing the Application

When initiating the probate process, the first step is to file an application with the Texas probate court. This application includes necessary documents such as the original will (if applicable), death certificate, and an inventory of the decedent's assets.

Step 2: Appointment of Executor or Administrator

Once the application is filed, the court will appoint an executor named in the will. If there is no will or executor named, the court will appoint an administrator. The executor or administrator is responsible for managing the estate throughout the probate process.

Step 3: Notice to Creditors and Beneficiaries

After the appointment, the executor or administrator must provide notice to creditors of the estate, allowing them to make claims for any debts owed. Additionally, beneficiaries named in the will and heirs at law must be notified about the probate proceedings.

Step 4: Inventory and Appraisal of Assets

The executor or administrator is responsible to provide a list of personal assets called an inventory. The executor must further appraise the deceased person's estate in 90 days of the hearing. He/she must notify beneficiaries of the will, post a notice to creditors, file the decedent's last federal tax return and settle the estate including selling the decident's real properties. Yvonne Russell, is an experienced real estate agent who has assisted many executors and family members sell estate homes.

Step 5: Payment of Debts and Taxes

This part of the process is to resolve disputes including disputes with creditors, claims on the estate like mechanics liens, and otherwise settle claims against the estate. This duty may include settling disputes arrising from disagreements over the valuatio of assets and contesting a creditors' claim on the estate. The executor is considered a fiduciary which means the executor is the person who holds a legal and ethical duty to act with the hightest loyalty and fidelity. He/she takes care of the money or assets for the decident. An attorney should be consulted to represent the estate or third party interest.

Step 6:Distribution of Assets

Once debts and disputes are settled, the remaining assets are distributed to beneficiaries. Some assets pass directly to the beneficiary such as life insurance, IRA's, retirment accounts, transfer on death and a number of other assets.

Step 7:Final Accounting and Closing the Estate

In Texas the most common method to close and estate is to file a Notice of Closing Estate. The executor affirms that he/she has discharged all duties and all known debts have been paid or settled.

Selling an Estate Home

What are some of the duties of the Executor when selling a house?

If you have been appointed the Executor of an estate you should consult a board certified Estate attorney. That notwithstanding here are some of the duties and responsibilities you will be charged with once the probate court has ruled the will is valid and you are selected the Executor as it relates to real property:

·         Notify all heirs and other interested parties if and when you plan to put the house up for sale.

·         Obtaining an accurate “fair market value” of the house from an independent party such as a licensed residential appraiser or with the help of a real estate agent. You must secure the home, maintain and keep it insured.

·         Filing the petition to sell the probate house with the courts

Selling an Estate Home in El Paso

Upon confirmation from the probate court, the Executor may either be granted full or limited authority to carry out the transaction (this according to the IAEA – Independent Administration of Estates Act)
Compiling all the necessary documentation (contracts and disclosures) that will be used in the sale of the home.
Hire a reliable real estate agent who is experienced in probate and trust sales and be able to explain the language, the documentation and the steps in the process to conduct the sale on behalf of the estate.
Entertain offer to purchase and agree and comply with the terms and conditions for the contract to purchase and addendums.
Duty to report back to probate court to finalize the sale with the court’s approval.
Directing the funds acquired at closing from selling the house back to the deceased’s estate.

Texas Probate Process