Estate sale is a topic we hope we never need to discuss. It is, however, an event many of us will have to deal with. If your loved one recently passed away or you are planning for their passing, this post is meant to walk you through important steps for the sale of their property.  We have focused on the main activities, as there is so much to cover.

Steps for Selling an Estate Property

1. Legal Authority for the Estate

You need to obtain legal authority to act on behalf of the deceased person’s estate before selling the property. This is done by applying for a grant of probate or administration from the Supreme Court of British Columbia. A grant of probate is issued when the deceased person left a will, while a grant of administration is issued when there is no will or the will is invalid.

2. Property Value Assessment

Once you have legal authority to act on behalf of the estate, you’ll need to obtain a property appraisal. This is done by assessing the value of the property based on a variety of factors such as location, size, condition, and comparable properties in the area. Our team of experienced real estate agents can assist you with this.

3. Debts and Outstanding Tax Payments

It is important to determine whether there are loans, liens and outstanding taxes for the property.  This would require legal advice and title search. Your lawyer and real estate agent will be able to assist you in gathering this information.

4. Ensure the Property is Ready for Sale

Most estate sales require furniture and personal items removal.  Many of our clients hire professional estate sales companies to remove the items with an agreed fixed price.  However, with support from loved ones, you can declutter and sell (and donate) items on your own.  We can provide several tips on deciding the best option and how to go about this.

5. List the Property for Sale

The home should now be ready for sale. A real estate agent, experienced in selling properties of deceased estates, is required for this. We can help you navigate the legal requirements and market the property effectively. Speak with one of our agents.

6. Offer Acceptance

If you receive an offer in line with your expected sales price the next step is to closely review the terms of the offer with your agent. Closing dates, subject to sale and other conditions should be considered in conjunction with the sales price, especially, if you receive multiple offers. 

7. Sales Completion

Once the offer is accepted, you’ll need to complete the sale. This involves transferring ownership of the property to the buyer, paying any outstanding debts or taxes owed by the estate, and distributing the proceeds of the sale to the beneficiaries named in the will or determined by law.

---

Summary

Most of us are not experienced in what is required when a loved one passes away and there is a property to be sold.  Lawyers and real estate agents (specializing in estate sales) deal with these situations everyday.  It is important for you to obtain advice from an experienced professional to avoid any mistakes or challenges down the road.

Speak with one of our agents for more information.