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No, as long as the debts are resolved without having to sell it, it can be transferred to the beneficiaries.
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∙ 12y ago
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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.
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+.
Rental property of decedent is sold by estate. Who gets the rental income collected by estate from date of death to date of sale?
The rental income becomes part of the estate and will be distributed according to the terms of the will to the beneficiaries or to the next of kin if there was no will.
Would life estate holder receive proceeds from sale?
From the sale of what? The property can only be sold with the permission of the life estate holder. How much they get would depends on the deal they cut with the remainderman.
If an estate property requires significant repairs who pays for them the estate or the person inheriting the property?
The executor is responsible for maintaining the value of the estate. That includes insuring that repairs and maintenance are done on the property. Until the property is transferred to the inheritor, it is the responsibility of the estate.
Can property in a life estate be sold to an outsider?
The fee to the property can be sold but only subject to the right of the life estate holder to the use and possession of the property.
Can a trust property be sold is there a grant of probate issued?
If the property is in a trust it is not in a person's estate and it can managed or sold according to the provisions of the trust. You need to review the trust document.If the property is in a trust it is not in a person's estate and it can managed or sold according to the provisions of the trust. You need to review the trust document.If the property is in a trust it is not in a person's estate and it can managed or sold according to the provisions of the trust. You need to review the trust document.If the property is in a trust it is not in a person's estate and it can managed or sold according to the provisions of the trust. You need to review the trust document.
Can estate be settled if property hasn't sold?
It is possible to settle an estate without selling property. As long as the distribution is approved by the court, the property can be transferred to the beneficiaries.
Why should a property be sold with a top real estate agent?
A property should be sold with a top real estate agent to maximize the selling's profit. A top real estate agent should know what they are doing and what are the market values.
Can a person you sign the deed in a life estate sell the property while you are sill living on the in the house?
If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.
Can a property that was sold for taxes be included in an estate?
No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
In real estate what is the definition of off market?
The property is in escrow or sold.
Can one obtain a life estate after a property is sold?
No. Once the property has been sold the grantor no longer has any rights in the property. Therefore, they can no longer reserve the right to a life estate. If the new owner is agreeable, the property could be reconveyed to the prior owner, then they could draft a new deed reserving a life estate.
What happens to back taxes if the estate has no money?
If they are property taxes, there is a lien on the property. In those cases the property has to be sold to settle the debts. If there are no assets in the estate, the taxes won't get paid.
Can a house in a life estate be sold?
Generally a life estate entitles the beneficiary to all property rights except the right to sell or otherwise transfer the fee in the property. It cannot be defeated by the conveyance of the property. If the house was sold the buyer would acquire it subject to the life estate. If the life estate holder desires to relinquish the life estate in order to sell the property then she/he may join in the deed of conveyance and the life estate will end.
Can a deceased estate be sold if not in executives name?
The executor is authorized to represent the estate. That includes the ability to sell real property that is in the estate.
What can you do when all heirs to an estate are willing to sell the property except for one and he is the executor of the estate?
The executor is the person responsible for the estate. That includes making sure the property is sold for a proper amount.
