The answer to the often-asked question “Can you sell a house in probate in Connecticut?” is “Yes.”
However, it is essential to carefully follow the relevant rules and regulations set by your state. The probate court will closely oversee the entire sale process, and as the executor, you will need to supervise and approve all the sale terms. While it may seem daunting, having a thorough understanding of the process will help facilitate a smoother transaction.
Key takeaways:
- Yes, you can sell a house in probate in Connecticut.
- The probate court oversees the sale closely, and you’ll need to follow specific rules and regulations.
- Understanding the process can help make the sale smoother.
- Key steps in the process include:
- Appointing an executor or administrator
- Getting a professional appraisal
- Listing the property on the MLS
- Receiving and reviewing offers
- Getting court confirmation of the sale
- Handling overbidding (if it occurs)
- Closing escrow (typically within 15 days of court approval)
- It’s important to work with an experienced attorney to navigate the complexities of probate sales.
Can A House Be Sold While In Probate In Connecticut?
Appointment of Administrator/Executor
If the decedent’s will designated a specific person as the executor and that person is willing to act in that capacity, then he or she is officially appointed as the executor. This ensures that the deceased’s final wishes are carried out according to their intentions. However, in cases where no executor is named in the will, the court and/or other relatives will appoint a near relative to act as administrator. This ensures that the estate is properly managed and distributed in accordance with the law.
Appraisal
The next crucial step in your real estate investment process is to get a professional property appraisal. However, it is of utmost importance to select a licensed and reputable appraiser. The selling price of the property must be at least 90% of its appraised value, making it imperative to find an appraiser who can accurately determine its worth.
Sale
When it comes to selling a house that is in probate in Connecticut, the first step is to list the property on a multiple listing service (MLS). This will ensure that potential buyers are aware that it is a probate sale and increases the chances of finding interested parties.
When an interested buyer decides to make an offer on a property, they typically include a 10% deposit. As the seller, you have the option to accept or reject the offer. If you choose to accept it, the offer will then be subject to court confirmation. To proceed with this process, you will need to submit the offer through your probate attorney to the court for confirmation.
Once the court accepts and confirms the offer on a house in probate, it is necessary to send a Notice of Proposed Action to all the heirs. This document outlines the terms and conditions of the proposed sale. The heirs are given a 15-day period to review the notice and voice any objections if they have any. In the absence of objections from the heirs, the sale can proceed without the need for a court hearing.
Overbidding
Now, let’s dive into the intricacies of this process. Once the court has reached the stage of confirming and approving the original buyer’s offer, there is an additional step that takes place in the courtroom. The judge will inquire if anyone present would like to make a bid on the property. If there are no takers, the sale proceeds as outlined in the standard process mentioned earlier.
When you find yourself in a situation where an overbid happens, it’s crucial to understand that the original buyer’s 10% deposit must be refunded before the new sale can move forward at the new bid price. Once the overbid is accepted, the new buyer will be required to provide a 10% deposit, which must be in the form of a cashier’s check. During the acceptance hearing of the winning bidder, this check for the accepted overbid deposit will be presented to the executor/administrator.
Once court confirmation and approval have been obtained, a unique type of sale contract can be executed. This contract is distinct because it must be void of any contingencies, and the closing of escrow typically occurs promptly, usually within 15 days after the court hearing.
When you need to sell a house while in probate in Connecticut, navigating the complex rules can be a challenge. That’s why it’s important to seek the guidance of an experienced attorney who can provide you with the specific help you need.