5 things you should know about legal estates and inherited property.
Have you just inherited a property in Montreal? The process can seem cumbersome and complex, especially if you haven’t been prepared. In this article, we discuss 5 things you should know about legal estates and inherited property in Montreal.
The process of legal succession normally comes hand in hand with the loss of a loved one. If you plan ahead, you’ll be able to give yourself the time you need to remember the most beautiful moments spent with this person rather than spending your time trying to untangle things while you’re caught up in strong emotions. Read on to learn more about the legal succession process, what you should expect, and what you can do to make the process go smoothly!
What is an estate?
An estate is a process that occurs when a person dies and his or her property is distributed according to the laws governing intestacy or according to the instructions in his or her will. The executor or other person in charge of the estate is responsible for settling all the deceased’s debts and distributing the deceased’s bequest. This person will also be in charge of selling the property if that’s what the heirs decide to do. The entire succession process, including the sale of the property, will take place under court supervision. That being said, being executor is not enough to give you full rights over the property and its sale. You’ll need court approval before selling. This will ensure that this is indeed the best sales method, and that nothing stands in the way of the sale.
The process may take some time
The legal succession process is not renowned for its speed or simplicity. On the contrary, the process can be draining for heirs. An already difficult situation can become even more painful as the procedures drag on. A word of advice: don’t overlook the importance of discussing and agreeing the procedure with the other heirs. If family conflicts are added to the long periods, the process can become incredibly difficult. If you can agree from the outset, the process will be much simpler when the time comes to make decisions and take action. When someone dies, you should file an application for legal succession with the court as soon as possible. Neglecting to do so will only increase property maintenance costs.
As an executor, you have your work cut out for you.
If you’ve been named executor, you’ll need some time to get everything organized. You will need to list the deceased’s debts and assets. You’ll need to communicate regularly with the deceased’s next of kin and keep things in order throughout the process. For some, a quick sale to a professional buyer is the best way to simplify the process and save time.
Keeping a property too long could cost you dearly
If you are or have ever been a homeowner, you know that owning a house is expensive. Electricity bills, cleaning and maintenance costs, insurance, taxes… That’s a lot of money out of your pocket every month. If you don’t yet know what you want to do with the property you’ve just inherited, remember that every month spent wondering if it’s worth renovating costs you money. If you’re the only one paying for all this, selling sooner rather than later is probably the best thing to do.
Advertising a property for sale can be expensive
If you’ve never worked with an agent to sell a home in Montreal, you may not know how it all works. First, renovations will have to be carried out to make the house competitive on the market. You’ll then need to clean it from top to bottom and do a bit of home staging to attract as many potential buyers as possible. While you’re waiting to sell, you’ll be responsible for paying taxes, Hydro and insurance bills. Finally, if you go through an agent to sell an inherited home in Montreal, you’ll also have to pay hefty commissions at closing. It’s not always worth investing all that time and money to advertise an inherited property for sale in Montreal.
A direct sale saves time and a number of expenses
By selling your home directly to a buyer and bypassing the traditional market, you can leave the work, the showings, the cleaning, the commissions, the closing costs, and even the waiting! You’ll save thousands of dollars just in maintenance costs! Selling an inherited home in Montreal can be simple. Selling with the Vendre Maison Vite team will save you time, money and make a complex process much easier.
Dealing with an estate is no picnic for anyone. The Vendre Maison Vite team can help you sell the property you’d rather not keep. We’ll be happy to answer any questions you may have about the real estate market and the legal succession process in Montreal. We do not impose any obligations.
