If you have been tasked with selling a deceased loved one's home, you might want to get a real estate lawyer in your corner to make sure you go through the process correctly. Realtors may not be equipped for all of the behind-the-scenes details that selling a home as executor can incur. Here are four reasons you should consult with a real estate lawyer before selling a newly obtained property.
1. If the Home is Out-of-State
Laws around selling acquired property differ from state to state. You don't want to make a mistake early on in listing a home only to have a sale fall through because you didn't follow local laws. A real estate lawyer can vet these and make sure that all out-of-state rules are being followed and that you are able to move forward with the sale correctly.
2. If There Was no Trust Put in Your Name
If you gained ownership of a home simply by being the next of kin, this isn't as airtight as an existing trust with your name. A real estate lawyer can help review documents and make sure that you are the true executor and can move forward with a sale. If a trust wasn't set up with your name as co-owner of the property, what might be stated in a will need to be legally vetted.
3. If You May Need to Attend Court
There may be a formality of setting a public court date and ensuring that no one else thinks that they should be entitled to the property. Probate court commonly is just a hurdle in selling a home that is easy to move through, but don't risk missing any small details with this. Make sure the pending home sale is reviewed by a real estate attorney and have them be in attendance at the court date.
4. If You Need to Review Taxes and Debts
Not all homes that are acquired are immediately considered assets. It is important that any existing debts on a property or unpaid taxes are reviewed and taken care of first. You might uncover news you don't want to hear on how much a home is truly worth. The thing is, if there are any existing roadblocks, it is better to find this out before moving forward with a sale.
Acquiring property can be exciting but also overwhelming, especially if you are hoping to sell. Finding a real estate attorney that can look into all factors around selling newly acquired property can help ease your mind when it comes to the fine print. Don't just hope that putting newly acquired property up for sale will go off without a hitch. Protect yourself and your sale by hiring on a real estate lawyer along with a real estate agent. Contact a firm like Lee Roche & Kerr Real Estate Law for more tips.