Certainly, an executor of an estate has the authority to sell a house as part of their responsibilities. When managing the estate's assets, the executor may decide to sell the property, which can include addressing various aspects like property maintenance, ensuring compliance with local regulations such as those related to fences in Auckland, and handling any necessary repairs or renovations. The sale proceeds are typically used to settle the deceased person's debts, distribute assets to beneficiaries, and fulfill the terms of the will or the laws of intestacy if there is no will in place. Executors must follow legal procedures and obtain necessary approvals to sell the house, ensuring a transparent and fair process for all interested parties.
The executor can sell the property without all beneficiaries approving it. However, a notice will be sent to all beneficiaries so that they know about the sale but do not have to approve it. Once the executor is appointed, a person, called an estate arbitrator, is appointed who will assess the assets of the estate. These assets will include real property and the testamentary arbitrator will evaluate the real property.
If the executor can sell the property for more than 90 percent of its appraised value, they don't need to get permission from the beneficiaries or the court. There is a process that normally governs the sale of real estate for purposes of probate. The first step generally involves evaluating the property to confirm its fair market value. If the estate is still in the process of succession, the executor will have to apply to the courts to put it up for sale.
If there are not enough liquid funds in the estate to pay off the entire debt, the executor can sell the house or other property to facilitate this. On the other hand, if a home is in poor condition, basic repairs are often recommended to make the home as easy to sell as possible. For example, if the executor sells property in an estate, such as a house or business, the executor will do well to inform the beneficiaries of the price at which the asset is sold and confirm in writing that the beneficiaries agree to that price, in order to avoid being sued in the future for “selling it below the value of market. If you have decided to sell the home during the probate, the process may be a little different depending on the state in which the estate is taking place, as well as whether you are an independent executor with full authority or a dependent executor with limited authority.
In the meantime, you can begin researching local estate agents with probate experience, who will understand the additional steps, paperwork, and deadlines required when selling an estate home. Selling a home under normal circumstances can be daunting; never mind doing it in the middle of an estate. Dealing with selling a home after the death of a loved one can be both logistically and emotionally challenging. An executor has no authority over the assets of an estate until he is appointed by the probate court, so he cannot legally sell a house belonging to the estate before the succession has begun.
A person who has been appointed executor by the will but has not yet been appointed by the court does not have the power to sell a home. The time frame for selling the house will also depend on whether the executor is the beneficiary or not. An executor can sell a home without the permission of all beneficiaries, as long as the will does not indicate otherwise, but the beneficiaries must be notified of the sale. If you have been appointed executor of a will, know that you can sell a house and other property as needed.
The amount of work involved in selling a home is another good reason to file the will and estate petition without delay, so that the process can begin as quickly as possible. Add the complexity of selling a home during the process, and fulfilling those latest requests may seem impossible. While selling the house may seem like the most important part of the job, the role of executor can also involve other obligations.