If you own a property for which you have to go to court, it’s normal to feel overwhelmed and even frustrated. Your hard work should pay off in the end. In this article, we’ll help you better understand how to sell an inherited property as part of a legal succession in Montreal!
The legal succession process can be very stressful. Trying to sell a house on top of all that can only lead to additional frustration. The Vendre Maison Vite team can help you sell your inherited property quickly and at the right price. Read on to learn our top tips for selling fast.
What is a legal estate?
A legal succession occurs when a person dies and his or her heirs receive a property described in a will, and debts have already been repaid. If you’re currently in the process of a legal succession, it’s best to deal with a lawyer who specializes in legal successions while you’re in court. He or she will be able to advise you, help you manage the repayment of the deceased’s debts and the payment of taxes, and act as a guide during this stressful period. You’ll need to inventory the estate’s assets and assemble all estate planning documents. You should also inform all creditors of the death and pay off all debts in the deceased’s name. A deceased person’s tax return must also be filed. If the deceased had signed a will, the process can take from 6 months to around 2 years.
Why should a property inherited through legal succession be sold?
When someone dies and has significant debts or ongoing payments (such as a mortgage), the property may not be worth enough to clear the debts. The executor may be obliged to sell the property to avoid resumption of financing. If the court does not require the sale of the property, you will have to wait for the legal succession process to be completed before you can try to sell. If this is the case for you, you can start planning now by talking to a member of our team. Our team can provide you with a quotation, so you know what to expect once the process has been completed.
How it works
Even if the property has not been bequeathed to an heir, the executor of the will will be responsible for selling the house. He will therefore have to find an interested buyer who will make a deposit and a written offer. Before the offer is accepted by the court, the latter will ask if anyone would like to make a better offer on the property. Once the court has approved an offer, you’ll have time to have the property inspected before the sales contract is finalized. Once this process has been completed, the sale can be closed in around two weeks. The resulting income will first be used to pay off the deceased’s debts, then the remainder will be distributed to the heirs, as described in the will.
Make sure everyone agrees
If there is more than one heir, take the time to make sure they are all on the same page. Although the executor has the authority to advertise the property for sale and close, it’s always best to get everyone’s approval before doing so. Basically, you don’t want to end up with someone protesting against the sale and seeing problems created among your close family members.
