Are you new to the world of legal succession? For a buyer, a legal estate is an excellent source of investment. Little known to buyers, this type of property offers several advantages. If you want to buy, make sure you’ve read and understood the terms and deadlines, and that you know which forms you’ll need to fill in before making an offer. A house from a legal estate may be sold to settle debts or because it has not been properly maintained over the years. When you lose a loved one, being left with a financial burden can be devastating. In some cases, keeping the house is simply not an option. That’s why we’ll also be talking about the
sale of properties inherited through legal succession
à Montreal. Whether you’re a seller or a potential buyer, understanding the following is essential.
Personal representative
A property to be bequeathed to heirs for which no instructions have been left invites the court to assign a personal representative or administrator to the heirs. The designated personal representative or executor will then be bound by the terms as stated. This legal process is governed by a court through which property rights are transferred to the heirs, or the property is sold and the profits distributed among the heirs. If you are the personal representative of a property inherited from Montréal, you are now its administrator. This is a major responsibility, which can be made difficult when heirs quarrel, and involves the risk of being sued for negligence or fraud.
As is
Whether you’re buying or selling a property inherited from a legal estate in Montreal, it’s imperative to know that the sale will be concluded with the property as is. For the buyer, this means you won’t have the opportunity to ask for renovations to be made before closing. Often, in a traditional sales contract, a clause is added indicating that the buyer’s current property will have to be sold before he can buy, since he needs it to take out a loan. However, the rules governing estates resulting from legal succession prohibit this type of clause. The court needs a solid sales contract since it is looking to obtain the highest price, and for this reason this type of property is often sold at auction.
Provincial laws
An important aspect of buying or selling an inherited property through a legal succession in Montreal is understanding the laws that apply to the process, which vary from province to province. If a person dies without having prepared a will, he or she is said to have died intestate. Although the personal representative is normally informed that he or she is responsible for the management of the assets, he or she often finds himself or herself at a loss. If you find yourself in this situation, we can only advise you to act quickly. Certain forms will have to be used, and deadlines will have to be met. You’ll need to learn a lot about the process while juggling the legal hurdles to sell property from a legal estate. The stress of a tight schedule, combined with the emotions caused by the difficult moments of bereavement, can quickly become overwhelming. If the transaction is not handled correctly, it may be cancelled.
Work with experts
It’s all so complicated! Buying or selling a property inherited through a legal succession in Montreal often leaves the uninitiated feeling isolated. Protests from heirs can make normal mistakes on the part of the personal representative costly. There’s so much information to absorb throughout the process… Filling in the right forms accurately is a daunting task, not to mention the stress caused by tight deadlines. Delegate to a professional who will take the weight off your shoulders. It’s more than important that your needs are respected throughout the transaction. You should always feel you’re being listened to by a professional who’s willing to do whatever it takes to respect your limits. A competent expert will be happy to explain every step of the process to you. He can also tell you how many other people he has helped through this process. He’ll be part of a team of professionals who can be counted on to take care of everything: housekeeping and cleaning, property maintenance, and any other tasks that need doing. This team of experts will be available to support you at all times, from day one to the day the sale is completed.
We’ve got the solution! Take the weight off your shoulders when you’re thinking of buying or selling an inherited property in Montreal by teaming up with Vendre Maison Vite. We’ll make it easy; we buy properties directly from the seller, and we can help you through the process, step by step. Send us a message or call 514-320-1000 now to find out more!
