In many real estate transactions, agents frequently encounter clients dealing with inherited property, often navigating through the complexities of probate. Understanding this process is essential for agents to provide effective support and service to their clients.
Understanding the Inheritance Process
Real estate can be inherited in various ways:
By deed
Through a will
Via a trust
According to the Florida Intestate Statute
Clients who inherit property often wish to sell it promptly, making it crucial for agents to understand how real estate is transferred through probate.
Legal Steps for Selling Inherited Property in Florida
To sell inherited property in Florida, obtaining a court order from a probate court is typically necessary, regardless of whether the property was inherited through a will, trust, or intestacy. Initiating probate for the deceased’s estate is a vital step in this process. Under Florida law, designated heirs or the personal representative of the estate can sell real property belonging to the estate even before the probate process is complete. The personal representative has the authority to engage a realtor and list the property for sale. If the representative opts to sell the property, a court may mandate that it be listed and sold at its fair market value. Proceeds from the sale are usually held in an escrow account with the court until the distribution of the funds among the heirs is finalized.
The Importance of Homestead Exemption
Another crucial factor to consider is whether the property subject to probate qualifies for homestead exemption, which can protect it from creditor claims. If the property meets the requirements, heirs can petition the court for a determination of its homestead status, as outlined in Article X, Section 4 of the Florida Constitution. Establishing this status is vital since most title companies will require proof that the property was the legal homestead of the deceased before issuing title insurance.
For clients acting as personal representatives or heirs looking to sell probate property, consulting with a probate and real estate attorney is highly recommended. This step ensures compliance with all legal requirements and protects the interests of the client throughout the process.
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