If you are a homeowner and your house is in probate, you may be wondering if you can sell it. The good news is that, in most cases, you can sell your house during probate. However, it is important to understand the process and the potential complications involved in selling a house during probate. In this article, we will discuss the basics of selling a house in probate and provide advice on how to proceed.
Please note: This article should not be taken as legal advice. If you have specific questions about selling your house during probate, please consult an attorney.
Table of Contents
•What Is Probate In Colorado
➥Types Of Probate In Colorado
•How Long Does Probate Take In Colorado
•Who Owns A House During Probate
•Can A House Be Sold During Probate
•Do You Have To Sell A House In Probate
•How Long After Probate Can A House Be Sold
•Can An Executor Sell A House Without Beneficiaries Approving
➥Sell Your Property to Colorado Cash Buyers
What Is Probate In Colorado?
Probate is the legal process of administering a deceased person’s estate. If the deceased person left a will, the probate court will appoint an executor to oversee the estate administration. If the deceased person did not leave a will, the probate court will appoint an administrator to oversee the estate administration.
The purpose of probate is to settle the deceased person’s debts and distribute their assets to their heirs or beneficiaries. In some cases, probate may be necessary to resolve disputes among heirs or beneficiaries.
Types Of Probate In Colorado
1) Small Estate Affidavit: This type of probate can be used when the value of the estate is less than $50,000 OR when the only asset of the estate is real property (e.g., a house, land, etc.) and the value of the real property is less than $50,000.
2) Formal Probate: This type of probate must be used when the value of the estate is more than $50,000 or when the estate includes assets that cannot be transferred using a Small Estate Affidavit. Formal probate can be a lengthy and expensive process. It typically takes at least six months to complete and can cost thousands of dollars in court fees and attorney’s fees.
How Long Does Probate Take In Colorado?
The length of time it takes to complete probate depends on the type of probate being used. A Small Estate Affidavit can be filed with the court within 30 days of the death and can be completed within a few weeks. Formal probate usually takes at least six months to complete but can take longer if there are contested issues or disputes among the heirs or beneficiaries.
Who Owns A House During Probate?
During probate, the deceased person’s assets are effectively frozen. The executor or administrator has control over the assets and is responsible for paying the deceased person’s debts and distributing the assets to the heirs or beneficiaries.
This means that, if you are an heir or beneficiary of a deceased person’s estate, you will not be able to access your inheritance until probate is complete. However, you may be able to receive income from the estate during probate if the executor or administrator decides to rent out the property such as a house or land.
Can A House Be Sold During Probate?
In most cases, yes. However, there are some restrictions on who can sell the property and how it can be sold.
- If the deceased person left a will, the executor of the estate will have the authority to sell the property. If the deceased person did not leave a will, the administrator of the estate will have the authority to sell the property. In either case, the sale of the property must be approved by the probate court. The proceeds from the sale must be used to pay off the deceased person’s debts and distribute the remainder of the assets to the heirs or beneficiaries.
- If you are an heir or beneficiary and you want to sell the property, you will need to get approval from the executor or administrator. Once you have approval, you can list the property for sale with a real estate agent. It is important to note that, in some cases, the executor or administrator may decide to keep the property and rent it out. If this is the case, you will not be able to sell the property until after the probate is complete.
Do You Have To Sell A House In Probate?
No, you are not required to sell the house during probate. However, there are a few potential complications that you should be aware of before deciding to sell the property.
- It can be difficult to find a buyer who is willing to wait for probate to be completed. This is because there is often a lot of uncertainty involved in buying a property during probate. For example, the buyer may not know how long probate will take or if there will be any issues with the title of the property.
- The sale of the property may be subject to certain restrictions. For example, the executor or administrator may require that the property be sold at a certain price or within a certain time frame.
- It is important to note that the sale of property during probate will likely be subject to capital gains tax. This means that you may owe taxes on any profit you make from the sale of the property.
How Long After Probate Can A House Be Sold?
Probate typically takes at least six months to complete. However, it can take longer if the estate is complex or if there are disputes among the heirs or beneficiaries. Once probate is complete, the property can be sold.
It is important to note that, in some cases, the executor or administrator may decide to keep the property and rent it out. If this is the case, you will not be able to sell the property until after the probate is complete. If you are an heir or beneficiary and you want to sell the property, you will need to get approval from the executor or administrator.
Can An Executor Sell A House Without Beneficiaries Approving?
No, the executor cannot sell the house without the beneficiaries’ approval. The sale of the property must be approved by the probate court. The proceeds from the sale must be used to pay off the deceased person’s debts and distribute the remainder of the assets to the heirs or beneficiaries.
If you are an heir or beneficiary and you want to sell the property, you will need to get approval from the executor or administrator. Once you have approval, you can list the property on the market.
Why Should You Sell Your Property to Colorado Cash Buyers?
Colorado Cash Buyers buys houses as-is for cash. Therefore if you are looking to sell your property during probate, we can help! We understand that the probate process can be complicated and time-consuming. We are here to make the process as smooth and stress-free as possible.
When you sell your property to us, you don’t have to worry about making any repairs or dealing with any of the renovations. We will take care of everything for you! We close fast, usually within 7-28 days, so you can get your money quickly and move on with your life.
If you are interested in selling your property, please contact us today! We would be happy to answer any of your questions and provide you with a cash offer for your property.