Property Estate Sales in the Salt Lake City Utah Area
What is a property estate sale (sale of a piece of real property, home and other forms of real estate)/probate sale and how they work in Salt Lake Utah. Provides information and resources to help you through the property estate sales process.
What is a Property Estate Sale
A Property Estate Sale (where the property is real property or real estate) occurs when someone dies and the need arises for their home/condo to be sold. While there may be other reasons for this to happen, its normally part of the inheritance process, with the proceeds of the sale going to the relatives and or those entities mentioned in the will.
The person who owned the property may have specified that the property is sold and the proceeds split, or it could be that the people who received the property cannot decide on what to do. In which case it may be a court who decides on the property estate sale.
Due to the nature of an estate sale, the home will usually be sold 'as is', meaning that the seller is not prepared to fix any problems. For this reason, it is important that the buyer has an inspection so that they are fully aware of any potential problems with the property. Because properties are listed 'as is' and sellers often want a quick sale, and properties are often priced well when compared to other homes.
Property and Probate Sales
If someone passes away and the property is only in their name, the person's estate may become a probate sale.
"The rules for probate sales can be complicated and people should always seek the advice of a Utah lawyer who specializes in this area."
The probate sale process may be relatively simple or a more complex, depending upon the complexity of the estate and if all parties are in agreement. The different types of probate and more details about the process can be found on the Utah Courts Informal Probate How-To page.
With a probate sale, the relatives and or court appoint an executor to handle the sale of the property, payment of debts and the sale/distribution of assets. The executor is often named in the will but there are cases when that person is not able or willing to undertake the role, and someone else must be assigned.
The executor is responsible for finding a buyer for the property which usually means employing the services of a Realtor. Once ready the home is listed for sale on the MLS and upon completion of the sale, the proceeds are passed through to the estate.