Apart from the emotional turmoil of a loved one’s passing, you have to deal with dozens of legal processes to settle your deceased loved one’s affairs, even their homes/properties. One of the biggest and more demanding matters you may have to deal with is the execution and proving of their will, a process that is called probate.
What is Probate?
Legal resource website Nolo defines probate as “a court-supervised legal process that gives someone, usually the surviving spouse or other close family members, authority to gather the deceased person’s assets, pay debts and taxes, and eventually transfer assets to the people who inherit them.”
Since a house is usually a person’s largest asset, real estate needs to pass through probate. Under North Carolina laws, though, real estate properties do not typically pass through probate. This happens if:
- Your loved one passed away with a will. The title of the property goes to the named beneficiary.
- Your loved one passed away without a will. The title of the property goes to the legal heir/s.
- Your loved one co-owned the property. It will automatically pass to the surviving co-owner.
However, if your loved one died without a will or legal heirs and if they are the sole owner of a residential property at the time of their death, that property will go to probate by default.
Selling Probate Real Estate
If the North Carolina court named you the administrator of your decedent’s estate, you are then responsible for paying off debts. If the deceased’s estate does not have enough income to pay off outstanding debts, you may be forced to sell their property. Here’s how it works:
- Have the property appraised.
- Obtain a petition to sell the property from the North Carolina court.
- Place the property for sale.
- Accept an offer from a buyer.
- Go to court and apply a petition for a hearing confirming the sale.
- Advertise the sale in a newspaper, together with the buyer’s offered price to inform the public of the sale and allow them the chance to join open bidding in court.
- Attend the court hearing and bidding process.
- Wait for the confirmation of the winning bid, and then complete the sale.
- Use the proceeds of the sale to pay the deceased’s estate’s outstanding debt.
Here at Offer Hut, we understand how long and specific the process of selling probate real estate can be. If you want to learn more about the processes, reach out to us today via our website or our hotline: 919-514-1001. Our professional staff can help you during this process and can make things easier for you during this probate process.
