When you have recently inherited a home in Texas, it can be a daunting task to determine what to do with the property. Between hearing appearances, estate sales, appraisers, speaking with real estate sales professionals, and preparing for a possible listing, an executor can be left physically and emotionally drained by the process. The team at Whitestone Acquisitions has provided some helpful tips on selling an inherited property. Please note that this is not legal advice, and it is highly recommended that individuals who are managing the assets of an Estate seek legal counsel.
1. Determine when/if you have the right to sell. At this point in the process, you have most likely been nominated Executor of the Estate, or you know who has been appointed Executor. The most common type of asset transfer in Texas is by Independent Administration of the Estate. There is also Dependent Administration, which requires more court oversight in the division and subsequent sale of assets owned by the Estate. What is considered the “fast track” of selling property owned by the Estate is when a Muniment of Title can be filed. It requires that the will spells out precisely what the Executor is allowed and not allowed to do with the property owned by the Estate. The courts can rule that there is no need for probate administration based on the will as evidence. With the Independent and Dependent Administration, the court grants “Letters of Testamentary” after viewing evidence and after proof that all potential creditors have been notified about the pending probate case. If you have been appointed Executor of the Estate you have every right to begin researching potential buyers. In Texas, the title company will need a copy of the will, Letters Testamentary or Muniment of Title, and the Order Approving Inventory and Appraisement. An Affidavit in Lieu of Inventory and Appraisement can often be provided if the Estate needs more time to file. This will need to be provided before the actual closing, but the Executor has the right to execute a sales contract with a buyer before this point. Whitestone Acquisitions is very familiar with the probate process and we even provide a provision in the contract indemnifying the Executor if for some reason the probate process goes awry.