3 Things You NEED to Know About Estate Sales
Tags: Home Buying, Toronto Homes, First Time Home Buyer, Bully Offer, Realtors, Home Buyers, Estate Sale
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What is an estate sale?
Steps to prepare the house for sale:
1. Estate ClearingIn some cases, it may be impending that some repairs be completed before the home is listed for sale. A home that is in better condition will undoubtedly sell quicker and for more money than a house that is in a state of dilapidation.
3. Probate
Probate is the judicial process that grants the formal approval of the will in court and the appointment of the executor. This process needs to be completed prior to the actual sale of the home and the transfer of title to the executor. The home can be listed whilst the probate process is taking place, as the process may take several months to complete. In this case, the seller and buyer would have to agree that an extended closing date may be required to accommodate the probate process if necessary. Alternatively, the parties may enter into an escrow agreement that allows the buyers to move in on the closing date, but not take ownership until the process is complete.
Taking everything into account, estate sales are not as direct as other property sales and require flexibility on timelines for the parties involved. Buyers and sellers should also be aware of necessary terms and conditions that should be added to the agreement to facilitate an estate sale.
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