This happens after the loss of a loved one who left no will and no funds to protect you from the estate process. Selling a property inherited from a legal estate brings its own set of long and tedious procedures, especially if you have a valuable property on your hands.
The process can be costly, so you should do all you can to avoid forgetting legal obligations, which could slow down and complicate procedures. You’ll need to be patient while the deceased’s assets are analyzed and the true heirs to the property determined. The executor may have to sell the property so that the court can distribute the profits among the heirs.
If this describes the situation you find yourself in, continue reading this article to learn how to sell an inherited property from a legal estate in Montreal.
Some aspects of real estate law are the same across the country. To sell properly, however, you’ll need to make sure you comply with all the laws that apply to the sale of a property inherited from a legal estate in Montreal.
How to sell a property inherited from a legal estate in Montreal
A certified appraiser
The first step is to find a certified independent appraiser. You can consult the web or talk to other professionals specializing in legal estates in Montreal.
The request
Once you’ve obtained an appraisal from a certified professional, you can sign a court petition to sell the inherited property in a legal estate in Montreal. When filling out this request, be sure to include all relevant information about the property, as well as the methods that will be used to conclude a sale, whether by auction or by advertising on the traditional real estate market. Attach the evaluation to your request. Once you’ve received court approval, you can begin the sales process.
The property is for sale
For sale, with conditions! You can finally advertise and sell your property inherited from a legal estate in Montreal! You’ll need to declare certain things to your potential buyers, such as the fact that the court will have to approve the sale for it to close, making it a conditional sale.
Confirmation by the court
Normally, once the application to the court for a hearing to confirm the sale has been submitted, the timeframe is between 20 and 40 days.
The depot
Expect to collect a deposit of 10 percent of the selling price from your buyer at this stage.
Advertising
Since selling a property inherited from a legal estate in Montreal is all about getting the highest possible price, you’ll need to promote the public hearing as a place for bidding. This allows all interested parties to participate in the purchase of the property, often resulting in the highest possible sale price.
The hearing
You’ll need to attend the hearing, then wait until the unconditional bidding process is complete and the check is presented with the final sale price. Your buyer will be able to participate in the hearing, along with anyone else in the audience who wants to, and offers will be made for an additional $500.
Deposit refund
If a new buyer bids more than your buyer in court, you’ll have to refund your buyer’s 10 percent deposit. If, on the other hand, your buyer offers the highest selling price, this money will be applied to the purchase.
The fence
Finally, you can close the sale of your property inherited from a legal estate at [markte_city]. Don’t forget to ensure that the sale price is sufficient to cover the costs associated with the property. As executor, you will also be responsible for investing the money in a real estate fund.
In these difficult times, we’re here to help you and make the process easier. Contact the Vendre Maison Vite team today by calling 514-320-1000 or by sending us a message if you want to sell a property inherited from a legal estate in Montreal.
This happens after the loss of a loved one who left no will and no funds to protect you from the estate process. Selling a property inherited from a legal estate brings its own set of long and tedious procedures, especially if you have a valuable property on your hands.
The process can be costly, so you should do all you can to avoid forgetting legal obligations, which could slow down and complicate procedures. You’ll need to be patient while the deceased’s assets are analyzed and the true heirs to the property determined. The executor may have to sell the property so that the court can distribute the profits among the heirs.
If this describes the situation you find yourself in, continue reading this article to learn how to sell an inherited property from a legal estate in Montreal.
Some aspects of real estate law are the same across the country. To sell properly, however, you’ll need to make sure you comply with all the laws that apply to the sale of a property inherited from a legal estate in Montreal.
How to sell a property inherited from a legal estate in Montreal
A certified appraiser
The first step is to find a certified independent appraiser. You can consult the web or talk to other professionals specializing in legal estates in Montreal.
The request
Once you’ve obtained an appraisal from a certified professional, you can sign a court petition to sell the inherited property in a legal estate in Montreal. When filling out this request, be sure to include all relevant information about the property, as well as the methods that will be used to conclude a sale, whether by auction or by advertising on the traditional real estate market. Attach the evaluation to your request. Once you’ve received court approval, you can begin the sales process.
The property is for sale
For sale, with conditions! You can finally advertise and sell your property inherited from a legal estate in Montreal! You’ll need to declare certain things to your potential buyers, such as the fact that the court will have to approve the sale for it to be completed, making the sale a conditional sale.
Confirmation by the court
Normally, once the application to the court for a hearing to confirm the sale has been submitted, the delay is usually between 20 and 40 days.
The depot
Expect to collect a deposit of 10 percent of the selling price from your buyer at this stage.
Advertising
Since selling a property inherited from a legal estate in Montreal is all about getting the highest possible price, you’ll need to promote the public hearing as a place for bidding. This allows all interested parties to participate in the purchase of the property, often resulting in the highest possible sale price.
The hearing
You’ll need to attend the hearing, then wait until the unconditional bidding process is complete and the check is presented with the final sale price. Your buyer will be able to participate in the hearing, along with anyone else in the audience who wants to, and offers will be made for an additional $500.
Deposit refund
If a new buyer bids more than your buyer in court, you’ll have to refund your buyer’s 10 percent deposit. If, on the other hand, your buyer offers the highest selling price, this money will be applied to the purchase.
The fence
Finally, you can close the sale of your property inherited from a legal estate at [markte_city]. Don’t forget to ensure that the sale price is sufficient to cover the costs associated with the property. As executor, you will also be responsible for investing the money in a real estate fund.
In these difficult times, we’re here to help you and make the process easier. Contact the Vendre Maison Vite team today by calling 514-320-1000 or by sending us a message if you want to sell a property inherited from a legal estate in Montreal.
