Real estate transactions involving estate sales present a unique set of considerations for realtors, lenders, and investors, particularly concerning the title to the property. When an owner passes away, the transfer of property ownership typically involves the probate process, where the court oversees the administration of the deceased’s estate.
For realtors listing an estate property, it’s crucial to verify the authority of the personal representative (executor or administrator) to sell the property. This authority is granted by the probate court and documented through letters testamentary or letters of administration. Tier 1 Title carefully reviews these legal documents to ensure the personal representative has the legal right to convey clear title.
Lenders financing the purchase of an estate property will also scrutinize the probate proceedings to ensure the seller has the legal capacity to transfer ownership and that the mortgage will be a valid lien against the property.
Investors considering purchasing an estate property need to be aware of potential delays associated with the probate process and the possibility of claims against the estate that could affect the title. A thorough title examination by Tier 1 Title is essential to identify any such risks.
Tier 1 Title has significant experience in handling estate sales, working closely with estate attorneys and the probate court to ensure all legal requirements are met and the transfer of ownership is legally sound, protecting all parties involved in the transaction.
