When a person dies, their will may undergo a probate process to determine whether or not it is authentic and valid. An executor of the will is appointed to assess and appraise the assets and pay off the deceased’s debts before distributing their assets to their inheritors. If you are one of the inheritors or executor of the will, there are certain instances where it might be necessary to sell real estate property.
During the probate process, you might be wondering, “Can I sell the house in Katy, TX while it’s in probate?” If the will names someone as the inheritor of the property, the executor of the estate cannot sell the property. But if the will does not specifically give the house to a beneficiary, the house can be sold and its proceeds be divided among the inheritors. While it’s best to discuss all of this with your estate attorney, here are the possible options on what can be done to the property while it’s in probate.
Texas Probate: What You Should Know
Houses in Katy, TX follow the Texas Probate Code. Unless there are cases of a living trust, joint ownership, and community property law, the property is automatically passed to their surviving family. Depending on the deceased’s estate, final will, and the state of your family’s relationship, this can be an challenging and emotional process that can last between a few months to several years.
The will may indicate a beneficiary of the property or the order to sell it and divide the proceeds to the inheritors. And considering that real estate property is usually the most expensive asset in most wills, undergoing probate can prevent fraud or any attempt on unjust enrichment.
During probate, there are three possible outcomes that can happen to the home: it can be passed on to the heirs named in the will; the property will be given to the next of kin in case of no will; or the property will be sold and the proceeds distributed accordingly to the heirs.
Property Passed to the Heirs as Stated by the Will
In case the deceased specified in their will who inherits the house, this is considered a testate probate and the court will convey the property to whoever the beneficiary is. From there, the beneficiary can choose for themselves if they want to keep or sell the house.
There are certain cases where heirs decide to sell the house. For example, if the deceased’s spouse inherits the house, they can opt to sell if they do not want to live in it. Or, for multiple beneficiaries like the deceased’s children, selling the house allows them to liquidate the property and split the inheritance equally.
Property Passed to Next of Kin in Case There Is No Will
In case the deceased did not leave a will and there are no legal claims that can affect property ownership, the probate court will name the deceased’s immediate family member the executor of state and transfer the property to next of kin. This is known as intestate probate. Under Texas estate laws, the succession of kin will be decided using the Intestate Succession section of the Texas Estates Code.
Just like the first scenario, it is possible for inheritors to sell the property if they deem it necessary.
Property Is Sold in Probate
Certain situations can trigger this option. If there is a will that names beneficiaries but not specifically who inherits the house, the executor will need to sell the property during probate to liquidate the property and divide the proceeds among the beneficiaries.
In a traditional setting, the executor hires a real estate agent to list the property on the market. However, not only are there several costs like real estate agent fees, closing costs, and appraisals that can eat up at your proceeds, but it can be a long process. This exposes your family to unnecessary stress and very little time to grieve over the death of your deceased. For this reason, professional homebuyers can help provide a faster selling process.
Sell to a Professional Homebuyer!
Rather than waiting months for your home to sell, you can sell your Katy, TX house fast with a professional homebuyer. After contacting our team, you can receive a fair cash offer for your property in 72 hours or less. Once you accept, we can handle the closing process and shoulder the closing costs, finally transferring the proceeds to you in as little as 14 days.
By speeding up the selling process, you can liquidate your late relative’s property and split the proceeds among the beneficiaries. This can help you move on from your relative’s passing by closing the book on inheritance discussions as quickly as possible.
Need More Information?
Ohana Legacy Properties is your reliable homebuyer in Houston, TX. We understand the nuances of a probate and are here to help you speed up the selling process to help you and your family move forward as soon as possible. Contact us today and receive a fair cash offer with 72 hours or less.