Does anyone know if property can be sold while a will is in probate?
by admin ~ August 7th, 2007 . Filed under: Renting & Real Estate .
Nita C asked:
I live in the state of Kentucky if that makes a difference.
Bob Bobson
I live in the state of Kentucky if that makes a difference.
Bob Bobson
August 12th, 2007 at 7:14 pm
No it can’t, you’ll have to wait.
August 13th, 2007 at 7:54 pm
It will not clear escrow if there are any encumberences, therefore, no, you’d be wasting your and the buyers time and money…..
August 15th, 2007 at 1:08 am
basis sales 101 = you can’t sell something until you legally own it and something in probate doesn’t have clear title for anyone to sell it - you’ll be stuck waiting.
August 15th, 2007 at 10:34 am
It may depend on other assets in the estate. In Washington, I sold 2 of my mother’s 5 real estate assets with no problem. One in July and another in August and probate’s “Notice to Creditors” was not over until October.
Kentucky the creditor notice period is 6 months. If the estate is frozen, then no assets may be sold. On the other hand, it may be possible to sell assets with court approval.
“Step Three: Inventory and Appraise Assets
During probate all the assets in the estate may be frozen so that an accurate inventory and appraisal can be made. This means that during this period many of the assets can not be distributed or sold without written permission of the court. The court will often require formal written appraisals for many items, such as real estate, antiques, collectibles, automobiles, furniture and other valuable assets. Appraisal fees, like all expenses, are paid for out of the estate.”