The personal representative is responsible for managing the affairs of a deceased individual’s estate. This includes handling the sale of real property, such as a home, during the probate process. The responsibilities in the home-selling process typically include:

Property Valuation: Determining the fair market value of a home using a professional appraisal or a real estate agent’s assessment.

Listing the Property: To attract potential buyers, hire a real estate agent or list the property yourself.

Marketing and Showing: Publicizing the property, setting up appointments for showings, and assisting prospective buyers with viewings.

Negotiation: Considering offers from possible purchasers and working out the conditions of the sale, such as the price and any stipulations.

Contract Execution: Managing the drafting and signing of the sales contract between the buyer and seller.

Closing Process: Coordinating with the buyer, seller, real estate agents, attorneys, and title company to ensure that all necessary paperwork is completed and the transfer of ownership is carried out correctly.

Proceeds Distribution: Distributing the sale proceeds in accordance with the terms of the will or, in the absence of a will, the laws of intestate succession.

Record-Keeping: Keeping accurate records of all transactions relating to the sale of property for accounting and legal purposes.

As the personal representative, your role in managing the sale of real property during probate is vital. To ensure that the deceased individual’s assets are handled correctly, seek guidance from legal and financial professionals as needed. For assistance with probate-related matters, feel free to contact us at Hello@TheHighlandCompanyRE.com.