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When real estate is in the name of the children of a deceased parent how can property be sold?
Only the guardian can sell, or the children when they are 18+.
What happens to the equity when home owner dies and the home is sold?
It goes into the deceased's estate.
Does a deceased owner of property in argyle ny have to pay school tax until property is sold?
The estate of the deceased is required to pay any and all taxes on property held by the estate.
How does probate handle the sale of a home?
If the person who owned the home is now deceased, that person's estate must be probated before the home can be sold. Probate is what authorizes someone representing the estate of the deceased person to sell the home.
What is an insolvent estate?
An insolvent estate is a the property of a deceased individual that has more debts than assets. Often the property must be sold to cover those debts.
Who is liable for the debt of a dead person?
The estate is responsible for the debts of the deceased. If there are no assets in the estate, the debtors are not going to be able to collect. This can be challenging. If the deceased owned a house, the house would be sold to pay the debts. Cars, bonds, stocksand other personal property could also be sold to come up with the money.
How are the bills paid on the house of the deceased before it is sold?
Before a deceased person's house is sold, the bills associated with the property, such as mortgage payments, property taxes, and utilities, are typically paid from the deceased's estate. The executor or administrator of the estate is responsible for managing these expenses using funds from the estate's assets. If there are insufficient funds, the executor may need to sell some assets or request a loan to cover ongoing bills until the property is sold. It’s essential to ensure that these obligations are met to maintain the property's value and prevent legal issues.
What happens when your parents are deceased and there is no money left in the estate to pay for medical bills?
If there is any other property such as real estate then it must be sold to pay the debts. If there are no assets the estate will be deemed insolvent by the court and the creditors are out of luck.
What if a Life estate was put in more then one name can home be sold?
A home that is subject to a life estate cannot be sold without the written consent of the life estate holder.
Can property remain in a dead person's name?
Yes, property can remain in a deceased person's name until it is properly transferred through the probate process. The estate must be settled, and assets distributed according to the deceased's will or state laws if there is no will. Until this process is completed, the property may still be legally associated with the deceased individual. However, it cannot be sold or transferred without going through probate.
How can you sell your deceased husband's real estate if the title is not in your name?
The decedent's estate must be probated in order for legal title to pass to his heirs under the provisions in the will or according to the state laws of intestacy if there is no will. You can check the laws of your state at the related question link provided below. Once the estate has been probated the property can be sold by the heirs.
What happens if your estate debt is greater than assets?
Then the estate is sold to cover the debt, and the "inheritors" are usually hit up for the rest.Another View: If the assets of the estate are insufficient to satisfy the debts of the deceased... UNLESS any of the heirs actually signed documents obligating themselves for their payment, once the assets of the estate are exhausted they are under no legal compulsion to pay off the deceased's debts.
