Navigating a probate property in Edmonton can feel overwhelming, especially during an already difficult time. As a family-run business that values education and transparency, we’ve put together some straightforward information about probate properties and practical ways to handle them.
What Is Probate?
Probate is the legal process that follows when a homeowner passes away without having their property in a trust or jointly owned with full survivorship rights. Most often, probate properties need to be sold so the proceeds can be distributed among beneficiaries, especially when the will doesn’t specifically assign the property. Your first step should be determining where to file probate—typically in the municipality where the property is located. Many provinces require probate in the county where the property sits. You’ll need to hire a lawyer to review the will and prepare the necessary paperwork for court submission. The judge will then determine rightful ownership based on the previous owner’s will, rarely ruling against those documented wishes.
Who Pays For Probate?
You have two options for covering probate costs: paying out of pocket or arranging for the costs to be deducted at closing. As executor of the estate, you’ll determine the property’s listing price, negotiate the sale, and execute the contract. Your probate lawyer will send their invoice directly to the title company handling the transaction, allowing their fee to be subtracted from the property sale proceeds. These fees vary significantly by province and property value, ranging from a few hundred to well over a thousand dollars. We believe in being upfront about these costs so you can make informed decisions.
Can I List Probate Real Estate?
It’s important to understand that you cannot sell or even list the property before probate is completed or without court approval. You’ll need to petition the court for permission to list the property. Once approved, you can accept offers and sign contracts, but the closing won’t happen until the probate process is complete. When the probate case is filed, the title company receives legal confirmation of who can legitimately sell the property. At YEG Home Buyers, we’re familiar with these timing constraints and can work within them.
How Much Should I Sell For?
To determine a fair asking price, you should have the property professionally appraised. This not only establishes its market value but also identifies any structural issues that must be disclosed in the sales contract. When reviewing offers, remember to factor in probate costs. For vacant lots, ensure the offer covers these expenses. Most houses—even those needing work like the vintage bungalows and two-stories we specialize in—will sell for significantly more than the probate costs. If you’re looking for a quick sale, pricing at the lower end of comparable properties will attract offers faster. As restoration specialists who appreciate older homes, we can often see value where others don’t.
I’ve Accepted An Offer, Now What?
Once you’ve accepted an offer you’re comfortable with, or successfully negotiated a fair price, it’s time to sign the contract. If anything seems unclear about the agreement, don’t hesitate to consult with a real estate lawyer who can explain all the terms, conditions, and riders needed to finalize the sale. After selecting a title company, be sure to forward them the probate lawyer’s invoice so they can handle payment directly from your proceeds. At YEG Home Buyers, we’re always happy to explain each step of this process in plain language.
In Summary, navigating probate property in Edmonton can be complex, especially when dealing with the loss of a homeowner. Probate is the legal process that occurs when a property owner dies without a trust or joint ownership rights, necessitating the sale of the property to distribute proceeds among beneficiaries. The process starts with filing for probate in the municipality where the property is located, often requiring a lawyer to prepare court documents. Executors can pay probate costs upfront or deduct them from the sale. Properties cannot be sold until probate is finalized, and permission must be obtained from the court to list the property. A professional appraisal helps establish a fair asking price and identify structural issues. Consult real estate lawyers for contract clarity, and forward the probate lawyer’s invoice to the title company for payment. YEG Home Buyers provides transparency and guidance throughout the process.