Ways To Sell Your Inherited Property in Georgia

How do Probate Laws Work in Georgia?

Probate laws are governed by state law, which means they differ from state to state. The court oversees and approves the dispersal of the person's assets who died — wills are probated in court.

Probate includes determining if there is a will, how many witnesses it took place, approving property transfer documents (leaving everything to someone), approving executors (who handle all legal details after death), establishing letters testamentary (people who take care of assets).

The probate court will also approve the executor's compensation. Once all is approved, assets are transferred to their new owner.

Challenges in Selling a House in Probate

There are some challenges in selling a house in probate, especially if there are multiple families involved.

Get An Appraisal

First, the property may have to go through an appraisal by the court before being sold. Then, the executor calculates how much money is owed to creditors. Finally, if there are any assets left over after bills are paid, the beneficiaries receive money.

This is where things get complicated. The beneficiaries don't always agree on who gets to keep what or how much money will be left over after debts are paid, which means the estate may go through mediation or end up in court.

While this is happening, the court can order property appraisals before it's sold to ensure everything is done fairly.

The Georgia probate court may require an appraisal of the home before it can be sold or approve an appraisal done privately.

Before Selling, Get All Paperwork For The Probate Process

The best way to sell a house in probate is to ensure everything the court requires is done before putting it on the market.

This means filing all applicable paperwork with the court, including:

• A certified copy of the will.

• Letters testamentary approved by the probate court.

• An inventory list for all property.

• An appraisal report for all property.

These documents must be filed with the court before selling a house in probate. An attorney or a real estate agent can help you through this process and ensure everything is done correctly, which will make things easier for everyone involved.

Typically an interested buyer will ask for an estimate of costs involved in the probate process, so be sure to investigate this before selling a house in probate.

Can an executor sell the property of a deceased estate?

An executor can sell real estate of a deceased estate with approval from the court. A lawyer or agent will need to handle this process for an executor because it can be complicated and may require an appraisal by the court.

How long does a probate sale take?

The process varies depending on individual circumstances, but it's best to assume it will take six months to a year. It can be longer if the estate goes through mediation or to court and may involve an appraisal of the property before selling by the estate.

Georgia Probate Lawyers

If you're struggling with probate in your state, a probate lawyer or a probate attorney may be able to help.

Georgia has courts that handle these matters, but hiring an experienced attorney can help ensure every detail is handled the first time correctly.

Taxes That Need to be Paid When

If the deceased person paid real property taxes, or federal estate tax, to the state where they lived, those taxes need to be paid again when the property sells.

The estate's executor can ask for a Georgia estate tax certificate to show that all income and other taxes have been paid. This helps the new owner know exactly how much money would be owed if they purchased it.

The fair market value also plays a role in how much money is owed.

For example, if a house's market value is $200,000 and unpaid state or federal estate taxes of $50,000 when it sells, then $150,000 would be due.

However, if the unpaid taxes only total $20,000 and the market value is also $200,000, then the new owner will only have to pay the difference, which is $180,000.

How Much Does Probate Cost?

How much it costs to sell a house in probate varies depending on where the estate is handled and how complicated it is. Generally, if there's a lawyer involved, the executor will have to pay for those services. In Georgia, the statutory probate fee is $225 from January 1, 2016, till today.

What Matters at The End Of The Day

Selling a probate house in probate is an arduous process that requires patience and understanding. In Georgia, Probate laws are different for each type of estate. Hence, it's important to know the specifics before selling your property if you don't want any surprises later.

It's also worth noting that many people can inherit from someone who passed away without going through probate, which means there may be other interested buyers out there as well. So, if you're looking to sell a home in probate or need more information on how it works, contact us today!

We'll help make sure everything goes smoothly with all parties involved, and we won't leave until everyone is happy.

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