Selling a property after a loved one has passed away can be a complex process, particularly if you’re not familiar with the legal requirements and steps involved. In British Columbia, there are several key steps involved in selling a property of a deceased estate. Here’s a rundown of what you need to know.
Step 1: Obtain Legal Authority
Before you can begin the process of selling the property, you need to obtain legal authority to act on behalf of the deceased person’s estate. This is typically done by applying for a grant of probate or administration from the Supreme Court of British Columbia. A grant of probate is issued when the deceased person left a will, while a grant of administration is issued when there is no will or the will is invalid.
Step 2: Obtain a Property Appraisal
Once you have legal authority to act on behalf of the estate, you’ll need to obtain a property appraisal. This is typically done by hiring a professional appraiser who will assess the value of the property based on a variety of factors, including its location, size, condition, and comparable properties in the area.
Step 3: List the Property for Sale
With a property appraisal in hand, you can now list the property for sale. It’s important to choose a reputable real estate agent who is experienced in selling properties of deceased estates. They will be able to help you navigate the legal requirements, market the property effectively, and negotiate with potential buyers.
Step 4: Accept an Offer
Once you’ve received an offer on the property, you’ll need to review it carefully with your real estate agent and legal advisor. You may need to negotiate the terms of the offer, such as the purchase price or the closing date, before accepting it.
Step 5: Complete the Sale
Once the offer has been accepted, you’ll need to complete the sale. This involves transferring ownership of the property to the buyer, paying any outstanding debts or taxes owed by the estate, and distributing the proceeds of the sale to the beneficiaries named in the will or determined by law.
Selling a property in an estate sale can be a challenging process, but with the right support and guidance, it’s possible to navigate the legal requirements and successfully sell the property. If you’re unsure about any of the steps involved, it’s important to seek advice from a legal or real estate professional who has experience in this area.
Work with a professional
If you are in need of assistance with selling a property of a deceased estate in British Columbia, it’s important to work with professionals who are experienced in this niche area. Our team, led by Jonathan Ames, has extensive knowledge and expertise in estate sales and the nuances involved in this particular type of transaction. We can provide guidance and support throughout the process, from obtaining legal authority to completing the sale. To learn more about our services, please feel free to contact us at 604-828-8110. We would be happy to answer any questions you may have and provide you with the support you need to successfully sell a property of a deceased estate.