|
CHECKLIST FOR CLOSINGS OUT OF PROBATE
I.
SURVIVORSHIP
a. Have survivor(s)
sign contract.
b. Close with an
affidavit and proof of estate taxes determined and paid.
II.
WILL WITH A POWER OF SALE
(NOT YET TRANSFERRED)
a. Have fiduciary
(executor or executrix) sign contract.
b. No court
approval of sale is necessary.
c. No evidence of estate
tax payment or payment of debts is necessary.
d. Will and
inventory must be filed and approved.
e. If property is
registered land, however, a lawsuit is necessary.
III.
ALREADY TRANSFERRED, BUT ESTATE IS NOT CLOSED
a. Beneficiaries
who received the property (devisees or heirs) must all sign.
b. No court
approval is necessary, BUT if estate is not closed,.....
c. All debts of the
estate must be paid, e.g. funeral bill, hospital bills, estate taxes,
fees and costs, etc. before closing.
d. Inventory and
will must be filed if applicable.
e. Minors who are
beneficiaries cannot sign a contract or a deed. Would need a lawsuit to
sell.
f. If it is
registered land, a lawsuit is necessary before estate can be closed even
if beneficiaries are all adults.
IV.
THERE IS NO WILL, OR THE WILL DOES NOT HAVE A POWER OF SALE
(NOT YET TRANSFERRED)
a. This can easily
be closed, as long as none of the beneficiaries are minors and all
the beneficiaries consent. Have the administrator sign the ontract and
inquire about consents, and age of the beneficiaries.
b. If all the
beneficiaries are adults and they all sign consents, you can close
after the inventory is filed and debts are paid.
c. However if one
of the beneficiaries is a minor, court approval and a separate proceeding
called a Sales Case is required. There is usually never a problem in this
proceeding other than the time and expense of it.
d. If some adult
beneficiaries refuse to consent, a lawsuit will be required to sell the
property. This refusal is rare, but the property can be sold either by a
Sales Case in Probate or a Partition Case in Common Pleas.
e. The courts
regularly and routinely order and approve the payment of real estate
commissions and appraisal fees in these cases.
f. In cases where
there is a surviving spouse, the time consuming Sales Case can sometimes
be avoided by the "Mansion House" statute.
g. Again though, if
the property is registered land a time consuming lawsuit can not be
avoided.
|
