One key thing you might be contemplating if you have been appointed as an executor of a property in a will is the length of time you have to bring the property sale to a close. This can vary for each unique circumstance due to different factors.
Executors have to manage various responsibilities during the process of getting the inherited property ready to sell and selling it. These responsibilities can affect the length of time it takes to sell the property.
Add to this the fact that probate regulations are different in each state, and that you might have even been appointed as a beneficiary to the property as well, and you can see how confusing things can get when selling a property as an executor.
If you are wondering how these factors affect the timeline of the home sale, in this blog post, we have the answers to all of these crucial questions and concerns – particularly if you are wondering ‘how long does an executor have to sell a house?’. Here, you will discover the exact length of time you have to get the property sold, and further information on the probate process. If you are an executor and a beneficiary you will discover more about this situation here as well.
What is an Executor? Roles and Responsibilities
So, you have been named executor of a property, and you are searching for an explanation of your roles and responsibilities. A simple explanation for your role of executor is that you have been called upon in the will to fulfil the wants of the person who has passed away – this includes distributing the proceeds of the property of the deceased.
Some of your critical roles and responsibilities as executor include:
- Reading and understanding the will of the deceased
- Taking control of the property
- Getting a buyer for the property and selling it
- Receiving the earnings from the property sale
- Allocating the earnings from the property sale and distributing assets to the beneficiaries
- Notarizing the executor’s deed after signing it
- Settling any debts belonging to the property
To gain the responsibility of executor, and begin distributing assets, you will first need to be nominated in the will of the deceased individual. But there is another step that is normally required to be able to act as executor of the property – going through a probate court.
With this in mind, your responsibility also involves understanding probate as an executor. If you have never come across this term, the following section will help you learn more about it.
Understanding Probate laws and steps as an Executor
Now, as mentioned, it’s not sufficient to just be named executor of the estate and property in the will and then start distributing the remaining estate assets. Property executors have to follow a legal process, get the will approved, and get the property’s assets inventoried. This process also involves later settling any debts. Each of these elements is a series of steps that contribute to the probate process.
Understanding probate laws as an executor also requires you to know that probate law works differently in different states. This is important because, if the deceased owned property in different states, you will need to follow the probate process for each state in which each estate is located.
Here are a few of the crucial steps involved with how it works in the state of Florida:
- You will need an estate attorney to start the process according to the law in Florida
- The Will needs to be filed and the probate process will then be initiated
- You will be granted the position of the property executor by the court
- You will then need to inform all the beneficiaries that you have been appointed as executor
- The property needs to go through an inventory process
- You will need to inform creditors and settle any debts of the deceased
The particular properties of which the deceased did not provide a will (known as intestate properties) are normally sold in probate court. If in the will, you are nominated as an executor (which means the property is known as a testate property), you will be able to sell the property once you have been granted legal permission through the probate process.
If you are wondering why understanding probate as an executor is important, here is one crucial factor to think about. You cannot legally distribute assets or take action if the property has to, but has not gone through probate. This will depend on the state’s probate laws.
Your family member can take methods to avoid probate while they are alive, with one such way being to sell your real estate to an investor.
How long does an Executor have to sell a house?
You won’t need to follow a specific timeline when selling a house as an executor. What it will rely on, however, is the length of the probate process.
So, what is important when selling a house as an executioner is that you will need to get the house sold before the closing of the probate. Now, generally, there are a few factors that influence the length of the probate process. This includes the property type and the state in which the property is located. Given that every estate differs, and that various aspects need to be decided, this can take up to a year.
One of the aspects that need deciding includes the condition of the property market and when to sell the property. Another includes whether there are disputes over the estate from the other beneficiaries’ points of view.
The probate process will be brought to an end by the probate court when everything has been settled and all loose ends are tied up, including the settling of debts accrued by the deceased.
What you might be contemplating as an executor is what the difference is between the rights of beneficiaries and non-beneficiaries, which will influence how long it takes you to sell the inherited property. Continue to the next section below for the details on this.
Beneficiary vs Non-Beneficiary
A person who has an entitlement to the property given to them by the deceased in their will is known as a beneficiary. If it’s the case that you are the sole beneficiary and the executor of the property, you will be able to do as you wish with the property, including selling it, once it has been signed over to you by the probate court.
Remember, to sell property you have inherited, probate will be necessary and involves filing the will, being appointed as executor, getting the property inventoried, and settling any debts.
In cases such as these, no length of time is allocated for you to sell the property.
There are cases where you might be the executor and beneficiary, but the deceased might have wished you to sell the property. In this situation you will have to go through the probate court and then, once approved, you will be able to sell the property and become a recipient of the proceeds.
As an executor who is a non-beneficiary, you might have to sell the property through the market. You should discuss with all beneficiaries if there are any concerns about selling the property for a fair market appraised value – (also known as FMV) – to share the proceeds amongst the beneficiaries.
Process of selling the house as an Executor
There are a few key steps you should follow to carry out the process of selling the house as an Executor. This is what is required.
Assume control of the Property
Your initial step involves taking control of the property. You can do this by filing the will and obtaining the legal letters from the court. This grants you control of the property and will mean that you are appointed executor by a court. Typically, you have 30 days to file the will after the deceased has passed away. Failing to file the will within this time can hinder your chances of assuming control of the property.
Get the will approved from the Probate court
Next up is determining whether the will is valid. You might have read the will before filing it, but the next stage is getting the will validated from the probate court. The court will also determine how much the deceased person’s assets are worth and take inventory of them.
A will must be legally bound. For it to be validated, it must have been created in writing. It must also have been signed by the creator of the will, dated, and also signed by those who witnessed the signing of the will. A probate court will analyze all of this and assess the will’s validity.
Decide on how you want to sell the Property
Then, you will need to decide how to sell the Property. Most executors want to sell the home fast and easy. Yes, you can choose to put the property on the market. You could solicit the services of a real estate agents and choose a real estate sale. You could also opt to go down the for sale by owner route and sell the house without the help of a realtor. But each of these options has a few drawbacks.
While selling your home with a real estate agent is a traditional option, you could be losing out in terms of the commission you will have to pay the real estate agents. And with the for sale by owner option, there’s a lot of responsibility that can eat into your time.
Even though there are many options available, you will want to sell the home quickly and efficiently. So, here’s the best way you can do it.
Selling the home fast and easy
With the services of Your Trusted Home Buyer, selling the home quickly and without hassles is effortless. What we provide is an effective and simple approach for our clients who need to sell a home in a fast and efficient way.
What are Your Trusted Home Buyer’s services, and how are they helping clients to get homes sold instantly? If you have an inherited house and need our help, our services include extending fair, cash offers to clients for their properties. But we don’t stop there.
Your Trusted Home Buyer takes care of any repairs that might need handling. We also ensure that the property selling process is closed quickly and do not ask for commissions. We are helping Florida-based clients sidestep the extra expenses and long timelines linked with traditional options, such as selling with a real estate agent.
We will take the burden off your hands and make the process of selling inherited homes that you do not want easier, and we do all this regardless of its condition.
Submit a signed contract to probate court
Once you have decided on how to sell the property, you will then need to have each beneficiary sign a contract stipulating they consent to the property’s sale. You will have to provide the probate court with all of these documents related to their consent to get it analyzed and reviewed. You will then have to wait for the probate court’s decision.
Court’s Approval and Closure
And now that the home sale has been approved by the probate court, what remains is to sign the executor’s deed. This might involve requesting that the beneficiaries sign the deed as well – which largely depends on what is specified in the will.
Distribute Sale Proceeds
Finally, you will need to receive and then distribute the proceeds. To do it, as the executor you should set up a specific estate account or separate bank account for the sale of the property. Don’t forget that you will first need to arrange for the debts owed to creditors to be paid.
As the only beneficiary, once you have settled any debts by selling the property, you will be able to later transfer yourself the proceeds. If the process follows probate, first the proceeds go into an attorney’s trust account. After this, they are shared amongst the other beneficiaries.
Bearing the responsibility as property executor can require many responsibilities. These responsibilities can seem like a headache waiting to happen, especially with the difficulties that come with selling the property. Your main goal is to sell the property as quickly as possible, which isn’t easy. But what will make it simpler is exploring your options and choosing a home buyer that will offer you a fair, hassle-free, fast cash offer and take the stress out of the entire process. Find out more on this at Your Trusted Home Buyer and trust in our expert team. We’re here to help you.