Sometimes individuals can complete the process of probating an estate without too many problems in the State of New York. When estates are worth a lot of money, or have property that may need to be sold to settle out the debts of an estate, it is probably best to find an experienced estate planning attorney who understands the implications of real estate on probate action.
Property sales during probate.
Property sales are often intimidating on their own, but when you add the unknowns of estate administration, it can be very daunting. Real estate matters arise in New York Probate Court when an owner of a property dies and the property is turned over to the courts and appointed to a close relative, or executor to market the property. If there is not a named heir, or executor, engaging a New York real estate professional who can work along an estate planning attorney should allow the matter to move along smoothly.
Since probate is the process of reassigning the property to the beneficiaries after a person dies, it is confusing to sell property before probate has been completed. Sometimes the last will designates a person to attend to these matters, and other times a person dies without a will. In either situation, the property is reassigned to the heirs with the court of law known as probate. Real estate can be sold while in probate in New York, New York, but the following process should occur:
Actions to move a sale on property in probate.
- Property appraisal. Must be undertaken to assess the value of the property relying on current sales trends in the same region for the current market value.
- Obtain a petition. Permission must be sought from probate court to sell the property during the probate period. The petition form must include all pertinent details related to the sale of the property in New York along with named methods of sale, and a copy of the appraisal. The court will give approval after a review of those documents.
- Place property for sale.
- Buyers need to seek court confirmation that the property is for sale.
- Advertise in local papers so other interested parties may make a bid on the property while it is in probate.
- Attend a hearing. When there is an existing bid for the property, a judge will ask if anyone in the court would like to bid on the property before approving an original buyer offer.
Seek legal counsel.
There are certain formalities that are unique to estate property put up for sale before probate administration has been completed. Contact Attorney Ron Meyers with estate planning questions regarding necessary will language to alleviate confusion on the sale of real estate after a person dies with a New York Will.
Ron L. Meyers & Associates, PLLC
Address: 475 Park Avenue South, Suite 2100
Manhattan, NY 10016