purchasing before probate

purchasing before probate

I am wondering if there is a way to purchase a home before it goes to probate court? can anybody assist me with this question

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Thanks,
Virtuous Women


yes and no

You can put the house under contract which will likely speed up the process, but as far as I know the property will still have to go through the probate process. However, having the property under contrat and agreed upon by all parties will likely give the judge the incentive to push it through very quickly.


FYI

The key is if the estate is being administered under the Independent Administration of Estates Act. This allows the executor to administer most aspects of the estate without court supervision. Two situations where an estate cannot be administered under the IAEA...the will prohibits it, or an interested party shows cause as to why it shouldn't be administered under IAEA. If the court grants the restriction, the executors authority becomes "limited". With "full" authority, the executor does not need court approval to sell the real estate. With "limited" authority, the sale of the real estate needs court confirmation.


thank you

thank you all for your advise

__________________

Thanks,
Virtuous Women


TRSD is correct

Under the IAEA act you are able to bypass court confirmation. Most of the time the administrator will be given full authority if there aren't any objections. I have filed several of these petitions for families. I have also followed through and locked these up with a purchase contract before the probate filing. Make sure you contract reads: Lisa Smith (seller/heirs) " for the Estate of Betty Smith"(example). Of course place your name or company name as the buyer. You want to do this because the heirs do not really own the estate yet, it is still in the deceased person's name until probate is complete. I have done many like this with the advice of my escrow agent. You should be good to go. Good luck

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of course..

There are laws that are "state" specific and can allow you to bypass the probate process. I specialize in probate estates. Just speak with someone that is familiar with probate and have closed these types of deals. If all else fails, try to speak with an attorney.

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DO something you've NEVER DONE.