It is quite common for a decedent to pass and leave behind little besides real property to be used to pay creditors and beneficiaries. This is often because the costs of a person’s final days take many of the liquid assets, such as investment accounts, and because the decedent may have shared many of their assets jointly with another party, meaning that it would not be part of the estate. Because of the possibility that selling real property may be the only way to meet an estate’s obligation when it comes to paying creditors or beneficiaries, a person looking to buy real estate from an estate may want to know if they are getting a good deal. Understanding the obligations of a personal representative when it comes to selling real property is the first step to determining what would be a reasonable offer would be. If you are thinking of buying real property that is part of an estate, you should have a Miami estate attorney on your side to assist you in navigating the complexity of a purchase of Miami estate real property.
Personal representatives are usually given the power to sell real property belonging to the estate in a few ways. One way is that a personal representative that is named in the will can be given permission in the will to sell the property to meet estate obligations. If the estate is intestate, however, or if the personal representative is named in a will but not given permission to sell estate real property, than the personal representative would have to have permission from the probate court to dispose of any real property.
Regardless of how a personal representative has permission to sell real estate owned by the estate, that personal representative has a duty to sell such property for a reasonable price that protects the interests of those who would get the cash from the sale. For those personal representatives who are given permission by the court, this would mean getting permission when property is being sold to sell it at a certain price. However, even if a personal representative has permission in the will, he or she should consider getting the court’s permission if it is suspected that an estate creditor or beneficiary may dispute the sale for not being reasonable.
Someone who is hoping to purchase estate property does need to keep in mind that the property has to be sold for a reasonable price when looking to make an offer, but that does not mean that deals are not to be found. The first step is to contact a Miami estate attorney to assist in the transaction since the transaction would most likely involve both real estate issues and estate issues when it comes to the personal representative getting permission to sell the property. Having skilled counsel on your side gives you the best leverage when it comes to getting a good deal on property sold by an estate and will also navigate all of the potential issues that may arise in such a purchase. Call the Law Offices of Albert Gurevich at (786) 522-1411.