Real Property Probate Sales
When someone passes away, their largest asset is typically their home. Often times, the title to the home is left in the deceased person’s name, which means that none of their heirs have legal authority to sell it. In such situations the law requires that the house go through a process with the court referred to as probate. Probate is, essentially, the procedure created by the State of Nevada for determining who will be in charge of managing the deceased person’s assets and for deciding who should receive their property. Many families find this situation particularly difficult because they will need the assistance of not only an attorney to “open” the probate estate, but also a realtor to help them to list and sell the home.
How do you sell a house in Nevada Probate?
In order for the heirs of a deceased loved one to gain the legal authority to sell their house they must have the estate opened through the Nevada Probate Court. During this process the court will be able to appoint an administrator for the estate. This administrator will be issued documents that the court refer to as Letters of Administration. These documents give the appointed individual the legal authority to act on behalf of the deceased person and to begin distributing assets from their estate; this includes being able to sell the deceased person’s home. The Letters of Administration allow the administrator to sign legal documents on behalf of the estate, which in turn allows them to sign things like a listing agreement for the home, or a sales contract to sell the home.
Confirming the Sale
While receiving the Letters of Administration and thereby being able to list the home may seem like it should be the end of the process, the law still requires the administrator to jump through a few more hoops before the home can be legally sold. By law, the Nevada Probate Court must “confirm the sale” of the home before the sales contract can be finalized. The Court is also required to open up the house to public bids at the hearing in order to confirm and finalize the sales contract. If there happens to be a bidder who is able to bid higher than the sales contract price, then the sales contract will be taken over by the that bidder. At this point the Probate Court will grant its seal of approval on the sale and the contracts can be finalized. These hearings, for properties in the Las Vegas area, are held every Friday morning at the Eighth Judicial District Court.
How Fortress can help.
As common as this situation is, not all realtors, or even most of them, have experience selling a house in probate. Fortunately for you, Fortress founder Keith Routsong is extremely well versed in this process. Keith has participated in dozens of real property sales from probate estates and is prepared to participate in whichever role you and your loved ones require. Whether you need an attorney who can open the estate with the court and assist in obtaining Letters of Administration, or a knowledgeable realtor who can list and sell the home with a complete understanding of how to maneuver within the probate process, Fortress can provide you with the best professionals for the job.
The probate process is complex and it can be extremely stressful to deal with the added complication so soon after losing a loved one. Visit our contact page today to schedule a consultation with us, free of charge.