What is a probate sale in Arizona?

A probate sale occurs when property is sold within a probate estate. The first step is determining whether there is probate property, which is a classification of property. Probate property is that which the law sees within the probate estate, and the casual observer may not know the property that goes in the probate estate. Property goes into the probate account and gets disbursed according to the terms of the valid Will or Intestacy statute when there is no valid Will.

What is a Probate Estate in Arizona?

Arizona is a Uniform Probate jurisdiction. This means we follow the Uniform Probate Code (UPC) and share principles with other UPC jurisdictions.

There’s a probate estate when there is property that is characterized in a way that requires probate in order to transfer. Parties must file in Superior Probate Court when somebody passes away with property that is titled in a way that requires for probate. This is where you may need a probate attorney to help you determine how property is titled in order to avoid probate, or which property requires probate once someone deceases.

In some cases, the family members do not know about the need for probate until they try to sell the home and find out that it will not close without a judge. It is better and will save cost and time when you consult an attorney before you even list the home. We can help you simplify the process. We can even connect you with our affiliate real estate team that streamlines the process, while helping you reduce costs and maximizing your ultimate gain.

We also help the party serving as Personal Representative to effectively navigate through the probate process, starting with a consultation that gives you a peace of mind going into the role. We save you the stress of starting and stumbling along.

The following article helps you begin to understand how to deal with probate property.

Selling Probate Property

A personal representative must act reasonably and fairly for the benefit of all interested parties. This includes considering all interests involved, including those of heirs, creditors, beneficiaries, and others. If you are planning to sell probate property, it is important to understand your duties and how the process works, and there can be consequences for doing it wrong.

The probate court oversees the administration of estates. Once someone dies, a person needs to be appointed as personal representative by the court to handle the deceased’s affairs. The Will names this person, while intestacy statues determine who can serve when there is no valid Will. The personal representative is responsible for settling debts, paying taxes, distributing assets, and making sure that the decedent’s wishes are carried out.

When a person dies without having named anyone as his/her personal representative, statutes determine who can serve. It is important to get legal advice before you proceed at this point, so that you determine who has priority to serve, as your application is likely to be rejected without the proper knowledge.

Once appointed, the personal representative has certain duties. For example, he/she must file tax returns, pay bills, distribute assets according to the terms of the Will, and make sure that the decedents’ wishes are carried out. The personal representative has to sell the real estate in a manner that aligns with his/her duties. Liability arises when doing it in ways that you think might be acceptable but violate your duties.

Probate property refers to anything that belongs to the probate estate. This includes bank accounts, stocks, bonds, insurance policies, vehicles, jewelry, art, antiques, collectibles, furniture, clothing, and household goods. Probate lawyers help you determine what is involved.

Personal representatives are given court authority to sell probate property through auction or estate sale. These events allow potential buyers to bid on items up front. They also give sellers an opportunity to set prices based on demand. There are other ways to sell property and account for the proceeds within an estate account. 

Best Assistance in a Probate Sale?

A Personal Representative (also called executor in other jurisdiction) is someone appointed by a court to oversee the distribution of assets following the death of a person. The PR must pay all debts owed by the deceased person, including taxes and funeral expenses. If there are no debts, the executor pays out money to beneficiaries designated by the decedent.

A real estate agent is hired by a seller to find buyers for his home. A real estate agent receives a commission if he finds a buyer willing to purchase the property. In some cases, the seller may hire an appraiser to determine the value of the home.

Appraisers are hired by banks to estimate the amount of mortgage debt owed on a home. They receive payment either directly from the lender or indirectly from the seller.

Why use a Lawyer in a  Probate Sale?

A probate sale is the legal process of selling real property while it is still under the supervision of the court. This includes properties being sold during the administration of an estate, such as those owned by someone who died without a will. If you are considering selling your home, you may want to hire a probate lawyer to help you navigate the process.

Probate sales are often complicated because there are many parties involved, including beneficiaries, heirs, creditors, and taxing authorities. An experienced probate lawyer knows how to handle each party’s interests and make sure that everyone gets paid what they deserve.

How do probate sales work?

Probate houses are not always sold in auctions. We can help you avoid that. If the home must sell at auction, there is no negotiation between buyers and sellers, and you don’t necessarily benefit with top dollar values. A probate house is typically purchased for less than its current market value.

Selling probate property — property titled in such a way that doesn’t allow you to sell it without court involvement — is not something we recommend you do without the involvement of an attorney. Our lawyer has a very long background in real estate. He was raised by a successful real estate broker and practiced real estate before becoming a lawyer. We are proficient in helping you through the probate process and particularly in dealing with real estate that needs to go through probate.

Important Steps when Selling a Home in Probate

Probating a deceased person’s home can be a complicated process. There are many steps involved, including selling the property, determining what happens to the proceeds, and deciding how much each party gets paid. If you want to sell your house in probate, here’s what you need to know.

Step One: Decide Whether You Want To Sell

The first step is deciding whether or not you want to sell. Do you plan to keep it in the family? If you want to keep the property or properties in the family, then you’ll need to retitle them and do a valuation because of all the interested parties. It’s easy to forget that the heirs and devisees are not the only parties interested in a probate estate. We want to get through probate as quickly as possible and fend off all other parties. While most sell the property, there’s also the option of keeping the property, and doing something with it — like putting it into a trust. We can discuss the pros and cons.

Step Two: Find Out how the Property is Titled and Implications

Next, we’ll need to determine how the property is titled before moving forward because there are implications. How the property is titled matters, and most do not understand how to interpret title. In addition to looking up the deed, we can also assess the chain of title, determining if there are any clouds that need to be cleared up.

Step Three: Notify All Interested Parties

Once you’ve determined the state of title, then you’ll need to determine who needs to know about the probate estate. You’ll want to consult a lawyer about the notice requirements.

How to get the most out of my house?

Probate property, especially the distressed property, is not for the average real estate professional. Although you may want your realtor friend to help, they may not be experienced enough to effectively deal with this type of property. It may be over their head to deal with lawyers and all the parties involved, whereas we can effectively liaison between all parties, and connect you with the most experienced real estate professionals to handle the transaction, while holding them accountable to their responsibility with this particular transaction, as this particular legal has requirements for the court.