When dealing with a probate property in South Carolina, you may have a lot of questions. We provide some information on probate properties as well as methods for dealing with them below.
What Exactly Is Probate Real Estate?
Probate is the legal process that occurs after the death of a homeowner if the property was not in a trust or was owned with another person who did not have full rights of survivorship. It is not uncommon for someone in South Carolina to inherit a property and have to go through the probate process. In most circumstances, the real estate that must go through probate must be sold so that the proceeds can be divided among the beneficiaries if no one or more people were named in the will.
The first step is to identify where the probate should take place. The municipality in which the property is located is the ideal location to start. Many states require probate to be conducted in the county where the property is located. Then, you’ll need to engage a lawyer to review the will and draft the papers. The documents are then delivered to the courts. The former owner’s will is frequently used to determine who is the lawful owner of a piece or portfolio of real estate. The judge almost seldom rules against the will.
In South Carolina, who pays for probate?
You can either pay for the probate yourself or arrange for the probate costs to be deducted at closure. The executor of the estate will set the property’s listing price, negotiate the sale price, and sign the sale contract. The lawyer conducting your probate will then issue an invoice to the attorney handling your real estate sale. The probate will be deducted from the proceeds of the property sale. Their fees can range from a few hundred to several thousand dollars. This varies depending on the attorney and the value of the property.
Can I List Probate Property For Sale?
You cannot sell or even list the property until the probate process is completed or without court clearance. You must ask the court for permission to list the property. When the property is advertised for sale, you may accept offers and have a contract; but, the closing will not take place until the probate process is completed. The attorney knows who can legally sell the property once the probate case is filed.
How Much Should I Sell For?
To know how much you can ask for the real estate, you must first have it assessed so you know how much it is worth and whether there are any structural flaws that must be reported on the contract for sale. When you receive offers, you must factor in the probate expense. If you own a vacant lot, be sure the offer is sufficient to pay your expenses. Most houses and other types of real estate will sell for far more than the expense of completing the probate. If you want to sell the probate real estate soon, you should advertise it at the lower end of the market comps or appraised value. This will ensure that your property receives bids immediately.
I’ve Accepted An Offer, Now What?
Execute the contract if you have received an acceptable offer or negotiated a price for which you are willing to sell. If you have any questions concerning the contract, contact a real estate attorney to help you comprehend all of the terms, conditions, and riders required to complete the transaction. When you hire a real estate attorney, make sure you provide them the probate lawyer’s invoice so they may pay it out of your proceeds.
We Can Help You With Your Probate House.
We are real estate investors who work with families to purchase their real estate assets during the probate process. We concentrate on real estate probate in Horry and Georgetown counties.
If you have property in the SC Probate process, our staff is experienced in handling the hurdles and can acquire probate real estate sale anywhere in Horry County and Georgetown County. When we buy your probate property, we can speed up the process and guide you through it.
Some of the benefits of selling directly to us include:
- Get a fair, no hassle cash offer TODAY…no waiting or paying for unnecessary expenses!
- No repairs and no cleaning. Take what you want and leave the rest.
- Cash advances and help with moving expenses.
- Do you live out of state? No problem…we can help with everything.
- We are the BEST…We’re fast, reliable, and LOCAL. Give us a try and see for yourself!
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