California Probate Code Sale Of Real Property: Understanding How Probate Sales Work
The California probate code sale of real property can be very challenging to understand. The challenge is that there are so many codes to remember and that probate sale is something that not everyone is familiar with. Thus, before you understand about the California probate code sale of real property, it is crucial that you understand how probate sale works. Also important is ways to sell your house fast in California once you obtain a probate property from a loved one, read below for more information.
Steps Of The Probate Sale
A probate sale occurs when the owner of the property is already deceased but does not leave any last will and testament on whom the house should go to. Under such circumstance, the court will have to sell the property so that the proceeds can go to the relatives of the disease. When the property goes into probate, the probate attorney will have to meet with you to review the assets and liabilities of the deceased. During this time, you will also be required to secure documents such as the deceased person’s financial records and death certificate. The probate attorney also needs to identify the heirs. Other documents that need to be procured include life insurance policies, retirement accounts, and trust. Once everything is in place, the probate attorney will ask the court for the full authority to administer the estate so that the estate can be sold just like any other real estate transaction. Then you can look at options to sell a house fast in California.
Important California Probate Code Sale Of Real Property
There are important California probate code sale of real property that you need to remember especially if you are planning to sell your deceased loved one’s property. One of the most important codes to remember is the Probate Code 8121 that requires that the probate needs to be published in a newspaper in the area where the deceased resided during the time of death. You also need to file important court forms called “Letters” (Probate Code 8800) that allow you to sell the house and access the bank account of the deceased. This form also allows you to take any actions that are needed to administer the estate. However, before this form can be issued, you also need to file a form called “Statement of Duties and Liabilities” that can be filed within the court. This form lists the probate attorney’s responsibilities such as the statutory probate fees listed in the Probate Code 10800. This will allow the court to collect the deceased assets and distribute them to the heirs. Another thing to do is to fill in the Inventory and Appraisal Form. This form can be filled with the court four months after the issuance of Letters. Moreover, the probate attorney also needs to file a change in ownership statement in California. After your sell your house fast and the creditors have already been paid, the estate can be petitioned I the court to close the estate. It is crucial to take note that the heirs cannot use any of the proceeds from the sale of the house not until the court approves the distribution of the proceeds.
Is Probate Really Necessary?
Now that you know about the California probate code sale of real property, another thing that you need to remember is that whether probate is really necessary. You must have heard that a probate sale is not only an expensive process but also very time-consuming. But is it really expensive? Let’s say that the house is valued at $500,000 and the probate will be about $29,000 which you can use for other things. Moreover, it may take a few years to complete the entire process. Because of the time-consuming process of a probate sale, many heirs do not want to go through with the process. It is important to take note that a probate sale is a process that allows you to clear your deceased loved one’s properties. The thing is that if you live in California and you pass away without leaving behind any trust, then your heirs will have to seek help from a probate court so that the title can be transferred to your name or you can sell it fast so that you can divide the proceeds among the other heirs. So, should you put your property in probate, it still depends on the market value of your property. The California probate code sale of real property dictates that if a property has an estimated gross value is more than $150,000, then probate is very important. If the house is under joint tenancy then probate is necessary only upon the death of the surviving joint tenant.
Other Probate Codes
Aside from this condition, there are other conditions that you need to take note of. According to the Probate Code 13200, you have to file the form Affidavit RE Real Property of Small Value especially if the property is lower than $50,000. If it is more than that but less than $150,000, then filing for the form Petition To Determine Succession To Real Property is required. On the other hand, if your house is community property (if a home is purchased using community funds), then it is assumed that your property is a community house. The California Probate Codes 13500- 13660 allows the property to pass to a surviving spouse without probate. But if the property was purchased only by one individual using community funds, the probate attorney will file the form Spousal Property Petition so that the house can pass to the spouse without the need for expensive probate. There are many California probate code sale of real property that you need to take note of. If you want to sell the house without any probate, you can always seek help from real estate investors to help you liquidate your property fast. This is where we, at Sell Quick California, come in. At Sell Quick California, we buy houses in California even Probate's in California. As a real estate investor, we buy houses all over California so that you can sell your house fast once inherited from a deceased loved one. For more information on a probate sale in California, you can visit our site here.