Selling a Probate house in Georgia. When you own real estate in Georgia with or without will the estate has to be probated. If a will is involved the decadent must file a petition to the court.
If there is no will the closest relative files a petition to the court. An Estate where there is a will an Executor is name. If there is not an executive name in the will the Court will appoint an Executor. The court appoints an Administrator for the estate when there is not a will.
I met a client that was in process of selling a probate property. Her Aunt passed without a will. When some dies without a will the term is called (intestate}. The loss of love one is not easy, and closing out the estate without a will can be difficult, but it doesn’t have to be.
Here is the four step process in selling a house without a will. (1) Probate the Estate (2) Court Appoints Administrator (3) Closed with Administrator Deed (4) EIN number for the Estate (5) Open a bank Account for estate (6) File taxes for the estate.
I. PROBATE ESTATE
The first process is to probate the state. Hire a Probate Attorney to represent you. Your attorney will petition the court on your behalf. All relatives need to sign paperwork agreeing for you to be Administrator of the estate. The estate will be advertised for four weeks in a Georgia newspaper under legal section. This allows any creditors that have claims or anyone to make the claim.
II. COURT APPOINTS THE ADMINISTRATOR
The second phase is where the court appoints the administrator. The surviving spouse or sole heir is entitle to serves as Administrator: otherwise the person selected by a majority is entitled to serve, unless disqualified. The Letter of Administrator is issued by the court as evidence of the Appointment of an administrator of an estate and the authority of the administrator to act; an Administrator has no authority to act until the Letter has been issued.
After the first two processes was completed we were able to put the home on market at fair price and sell the home within a week. The administrator signs the contract on behalf estate.
.III. EIN NUMBER
The Third phase of the process is to have the probate attorney get EIN number for the estate. The Closing Attorney reports the sale with the EIN to the IRS. The Administrator also needs the EIN Number to open a Bank Account. The proceeds from the sale are deposited in the Estate’s Bank Account.
The Fourth phase is the closing of the transaction. We were about to close and my client did not have EIN number without this number the closing Attorney would not be able to report the sale to IRS. Her Probate Attorney got EIN number for the Estate. The EIN number was used to open a bank account for At closing the buyer was issued Administrator Deed. Everything went well we were able to close on this Georgia probate house. The Attorney wires the proceeds from the closing to the estate Bank Account.
The last process is that she would have to file taxes for estate by April 15. The steps follow will assure Smooth closing on selling a probate house in Georgia.