If you’re dealing with an inherited property as part of a legal succession in Montreal, you may have a lot of questions. Below you’ll find what you need to know about your property inherited from a legal estate, as well as some ways to manage the situation.
What is a legal estate?
Legal succession is the process that occurs following the death of an owner if the property does not already belong to another person with full rights to it. In most cases, the property will be sold so that the profits can be distributed among the heirs. The first thing to do is to know where to go. Start by contacting the municipality to find out where the property begins and ends. This is an important step, as cities sometimes participate in the probate of the property. Next, you’ll need to hire a lawyer who will analyze the situation, then handle the paperwork to be submitted to the court. Finally, the judge will determine the legal owner based on the owner’s previous will, if any. Very rarely does a judge rule against a will.
Who pays for legal succession?
You can pay for the legal estate out of your own pocket, or you can arrange for the costs to be deducted from the sale of the property. The executor will determine the price at which the property will be advertised, negotiate with the buyer and sign the sales contract. The lawyer handling your legal estate will then send his or her invoice to the title company handling the transaction. Inheritance costs will be deducted from the amount obtained at the time of sale. These fees can range from a few hundred dollars to over a thousand dollars. This difference is due to the province in which you live and the value of the property sold.
Can I advertise a property in a legal succession?
You can’t sell or even advertise a property until the legal succession process has been completed (unless the court gives you approval). You will first have to apply to the court before you can advertise the property. Once the house has been advertised for sale, you can receive offers and create a sales contract. However, the sale can only be concluded once the legal succession process has been completed. Once this is done, the title company will know who is entitled to sell the property.
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what price can I sell for?
To find out what price you can ask, you’ll first need to have your property appraised to see if there are any problems with the foundations. Indeed, this kind of problem, if undeclared, can lead to breach of contract. When you finally receive one or more offers, don’t forget the legal inheritance fees you’ll have to pay. If you own a vacant lot, make sure the offer is sufficient to cover the costs. Most homes and other types of property will sell for much more than the legal inheritance costs. If you want to sell the property quickly, you could advertise it at a slightly lower price than suggested. This will certainly encourage more potential buyers to take an interest in your property.
I accepted an offer. What’s next?
Once you’ve received and accepted an offer, or managed to negotiate a price you’re happy with, it’s time to sign the contract. If you have any questions about your sales contract, contact a real estate lawyer who can help you understand the terms, conditions and clauses that will help you close the sale successfully. Once you’ve chosen a title company, don’t forget to send them your estate lawyer’s invoice. This way, she can make sure she pays him directly.
