What is an Estate Sale?
An Estate sale is when a person has become the Executor/inheritor of a deceased person’s property.
How do I know it’s an Estate Sale?
An Estate Sale means that all people listed as owners on the property Title have passed away. An Estate sale doesn’t apply during a POA (Power of Attorney) situation or when one spouse passes away and the living spouse is still on the Title.
You’re the Executor... Now What?
First of all, if you’re in this situation, we are sorry for your loss. Once it’s been confirmed (via the Will & Testament) that you’re the Executor of the estate/property, the first step is to decide whether to keep the home or sell it.
In the case of selling it, having a good Realtor will be the first step to assisting you through the process and taking care of all the details.
What do I require to list the property?
There are 3 documents you’ll need in order to legally list the property for sale with your Realtor:
- The Title
- The only owners listed on the Title should be the deceased person(s). If another living person is on the Title, the property is under their ownership. Your Realtor can get the Title for you.
- A Copy of the Will
- A Copy of the Death Certificate
These documents are required to ensure this is a legal and truthful sale. Without these documents as proof, anybody could pretend they are completing an Estate sale to scam innocent people.
Do I sign contracts with my own name?
Yes, please initial and sign contracts with your own name. Your Realtor will write something to the effect of “Estate Sale – John Doe” or “Executor for John Doe” at the top to make it clear that the signor is the Executor.
Does anything else differ from a regular sale?
Once the property is listed and a deal is in place, everything else should proceed just like a regular sale from one owner to another. After the deposit has been received and conditions have been waived, your lawyer will handle the distribution of funds from the sale once it closes.
