May 25, 2018

Probate House Buyers: Is It A Good Idea?

It isn’t unusual for property heirs to sell immovable assets previously belonging to the deceased. In fact, it is actually the norm rather than the exception. However, because assets forming part of the deceased estate can prove contentious in the future, probate house buyers are at risk of being defrauded by unscrupulous heirs.

The first reason why you must be careful is that you could be buying property that is subject to existing conditions or against which other people have existing claims. For example, is the deceased left behind an insolvent estate, there could be creditors whose claims are secured by the very property you intend to buy.

Secondly, there are estate taxes that, before they’re paid, can delay the sale. Naturally, a deceased person’s estate is administered by a trustee or a court appointed official. He/she is supposed to ensure that such taxes are paid before a house is sold.

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