Probate in Connecticut can be tricky. As our population increases, more houses are needed for people to live in and offices for people to work in. Despite this fact of life, real estate transactions can still be very risky propositions! Especially when it comes to probate property, if the prospective buyer doesn’t understand the probate process for a house in Connecticut. Luckily we know the process and how to deal with the process of selling a house in probate.
So what is CT Probate anyway?
Probate is a legal way of administering the property of a deceased person if the person never left a will or if the will had specific instructions on how his or her property was to be administered after they are dead. Probate is a way to prevent fraud after someone’s death. These proceedings take place in probate courts. Sometimes they can end up being the best real estate deals that any buyer or seller might get in Connecticut…
How to begin the probate CT process… Read on
The probate process begins after a person dies. Soon after this, the seller is expected to inform the court, which appoints an attorney to take care of the sale. Once this is done, the attorney advertises the property just like other real estate properties. The price is based on the agent’s suggestion and also from an independent appraisal ordered by the probate court. Note: It is important for the seller to familiarize himself or herself with the property to avoid being short-changed. This can be avoided by choosing the right buyer in Connecticut along with a good lawyer that knows the probate process and will ensure you get it right. We work closely with several local attorneys who know the probate process in CT.
General Procedure to Probate In Connecticut
The Will must be filed in the county where the decedent lived.
The Will must be filed within 30 days of the death.
An Application for Probate must be filed as well. This requests the appointment of an executor. If there is no Will, the Court will appoint someone to serve as the Personal Representative of the estate. Notice must be given to all heirs and beneficiaries, as required by the court.
Once the Peititon for Probate is filed, and an executor appointed, the Court will issue a “Certificate for Land Records” if there is real property in the estate, and the executor must record that in the county where the property is located.
The Court will issue “Letters Testamentary” to the executor/Personal Representative — this gives the executor legal authority to act on behalf of the estate.
An inventory of the estate’s assets must be filed with the court and an Connecticut state estate tax return must be filed.
Once all of the creditors and taxes have been paid, a Petition to close the probate must be filed with the court.
The Court will issue an Order, distributing the estate’s property to the beneficiaries.
The executor is entitled to fees for their services, but since such fees are subject to income tax (which inheritances aren’t, unless Connecticut has an inheritance tax), many executors forgo the fees. IN Connecticut, an executor is entitled to fees that “reasonable” based on factors such as the amount of time that they’ve spent on the estate and the complexity of the issues in the estate. Click here to see if Connecticut imposes an inheritance tax.
Okay, my property is on the market, now what?
Typically an interested buyer may make an offer on the property at any time. However, in the case of a probate sale, the offer must be accompanied by a 10% deposit. The estate representative will then accept or counter the offer, just like any other sale.
The offer is subject to the court’s confirmation. Even though the seller may have accepted a buyer’s offer, the seller is not committed to that buyer or their offer. The estate representative, through their probate attorney, will then petition the court to confirm the sale. A future date is chosen for the sale to be confirmed in the court.
Now, after the property is advertised on the market and the the final decision is made by the probate court on who should buy the property a future date is chosen on when the house will be sold. We work closely with probate courts and realtors to make sure the process goes smooth.
Want to sell your probate house in Connecticut (Quickly)?
We have been in this industry for years and our reputation speaks for itself. If you are interested in choosing us to help you through selling your house in probate in CT, you are always here.
We are always here to help and answer any questions you have, we look forward to speaking with you.