Probate in real estate is the legal process of verifying the will and properties of a person following their death. Assets will be sold or distributed under the terms of the will. If a person dies without a will, assets will be subject to probate. A court will decide how the assets will be distributed. Usually, the next of kin will inherit the property, subject to local laws. If there are no living relatives, the property can revert to the state.
PROBATE REAL ESTATE SPECIALISTS
A certified probate real estate specialist (CPRES) is a real estate professional who helps families navigate the lengthy process of selling and distributing the assets of the deceased, and settling the debts they left behind. CPRES handles the paperwork, keeps track of court dates and deadlines, and advises their clients.
Here are things you should look for in a probate real estate specialist:
- Experience
- Legal know-how
- Connections
- Rapport
Just because a probate specialist is certified doesn’t necessarily mean they have enough experience in the field. Ask them if they’ve previously sold real estate through probate, and how long they’ve been selling probate real estate. Selling real estate in probate requires special disclosures and agreements, and often a different, more aggressive marketing strategy than typical real estate.
A certified probate real estate specialist should be able to guide you on the complicated legalities and documentation needed in the probate process. A typical real estate agent might not be able to do these for you. More importantly, a certified probate real estate specialist should be able to monitor and keep up with legal deadlines.
A CPRES should be able to recommend reliable appraisers, inspectors, contractors, and Realtors to ensure that the estate is properly appraised, and necessary improvements are made before it is put on the market. A probate real estate agent helps clients on the marketing, negotiation, sale, and escrow of the property, and ensures that the sale pushes through.
A good CPRES should not only be able to manage the technical aspects of probate but should also be sensitive to the emotional state of the involved parties. The sale of an estate allows for equal distribution among heirs. The probate process can range from a few months to several years, and it is imperative that the CPRES avoids potential disputes between heirs by maintaining good communication among everyone involved.
HOW TO AVOID PROBATE
If probate sounds like a lengthy, arduous process, there are ways to avoid it. To spare their heirs the trouble of going through probate, a person can establish a living trust, own a community property with their spouse, or enter a joint tenancy with right of survivorship. These will allow ownership to be transferred to the intended recipients upon the owner’s death.
If you need help in going about the probate process, consult with the Jacobo Realty Group. Call 760.632.8900 or contact us here to learn more.