Tips for Selling Florida Real Property in Probate
The best tip for selling Florida real property in probate is to hire experienced, knowledgeable and diligent professionals to assist you with the transaction. A broker and/or real estate agent who is extremely knowledgeable and experience in the sale of property in probate may already have a depository of potential buyers at their disposal and/or will know all of the nuances of such sales. Their knowledge and experience will be well worth the six (6%) percent commission fee when the transaction goes smoother and more efficiently. A broker who is not knowledgeable in probate real property sales will likely botch some aspect of the process (as the are learning) and cause undue delay to the estate and its beneficiaries. In some instances, your probate attorney may also do real estate transactions and/or issue title. In that case, they may assist you in both the probate and the sale of real property subject to probate. If that is not the case, then choosing a real estate broker and/or title attorney who will cooperate with the probate attorney is key.
As a general rule, in most Florida counties (including Palm Beach County), the owner of the property (or the Personal Representative/Executor in the case of a probate) has the advantage of choosing the closing agent (attorney and/or title agency who will do title on the transaction and prepare the corresponding documents for the parties). Whether the closing agent will enter a dual agency position (where they represent the buyer as well as the seller) is a decision that needs to be contemplated by all of the parties and the Personal Representative must further waive any conflicts that will arise out of such dual agency prior to the dual agency being undertaken.
Having a knowledgeable broker, attorney and/or title agent will help simplify the process and take away much of the headache of selling real property in probate. For more information on the probate administration process view the article on Overview of Probate Administration here: https://www.capitalplanninglaw.com/overview-probate-administration/
Contact Capital Planning Law, PLLC for your complimentary consultation to discuss your estate planning, business law, probate, guardianship and/or real estate needs.