A common question we hear concerning probate in Florida is whether it’s possible to sell the decedent’s house during the probate process. Let’s delve into the specifics of probate sales in Florida to understand the process better.
Selling a House During Probate in Florida
In Florida, it is quite common to sell real property while it is in probate, but the process can be a bit more complex compared to a standard real estate transaction. Here are some key points to consider in the sale of a home in a probate proceeding:
- Authority to Sell: The personal representative of the decedent’s estate typically has the authority to sell real estate during probate. However, each jurisdiction has some additional steps that need to be taken before the personal representation is authorized to sell the decedent’s home.
- Court Approval: Before selling the house, the personal representative must obtain court approval for the sale. This usually involves filing a petition with the probate court to authorize the sale of the home, providing details of the proposed sale, such as the sale price and terms, and obtaining consent from all interested parties, including beneficiaries and creditors. After submission of the petition, the court will enter an Order Authorizing the Sale, which will be necessary to convey title to the buyer.
- Market Value: The house must be sold at fair market value to ensure that the interests of the estate and its beneficiaries are protected. The personal representative may need to obtain an appraisal or hire a real estate agent to determine the fair market value of the property. If all parties agree to the price and the creditors have no objection, it is possible an appraisal will not be required.
- Notice Requirements: Florida law requires that interested parties, including beneficiaries and creditors, be given notice of the proposed sale. This typically involves providing written notice of the sale to all interested parties and giving them 20 days to file an objection to the sale.
- Closing the Sale: Once the court has confirmed the sale, the personal representative can proceed with closing the transaction in the same manner as a standard real estate sale. The net proceeds from the sale will be used to pay any outstanding debts and taxes of the estate unless the property is the homestead property of the decedent, with the remaining balance distributed to the beneficiaries.
Conclusion
In sum, the sale of a house during probate in Florida involves navigating a series of legal requirements and court procedures. It is therefore highly recommended to seek the guidance of an experienced probate attorney who can help ensure that the sale proceeds smoothly and in compliance with Florida law. With the right guidance and understanding of the probate process, you can successfully navigate the sale of a house during probate in Florida.