09. Selling via Grant of Probate
Selling via Grant of Probate refers to the process of selling a property after the death of its owner, where the executor or personal representative of the deceased person's estate obtains a Grant of Probate from the Probate Registry.
Here's how it works:
| Grant of Probate | Probate is the legal process of administering a deceased person's estate, which includes distributing their assets according to their will or the laws of intestacy if there is no will. A Grant of Probate is a court-issued document that confirms the executor's authority to manage and distribute the deceased person's assets, including their property. |
| Appointment of executor | The executor is typically named in the deceased person's will and is responsible for managing their estate, including selling any property owned by the deceased. If there is no will, or if the named executor is unable or unwilling to act, a personal representative may be appointed by the court to administer the estate. |
| Inventory and valuation | Before selling the property, the executor or personal representative may need to conduct an inventory of the deceased person's assets, including the property to be sold. They may also need to obtain professional valuations to determine the property's market value. |
| Obtaining Grant of Probate | To sell the property, the executor or personal representative must apply for a Grant of Probate from the Probate Registry. This involves submitting the deceased person's will (if applicable), along with other relevant documents, to the court. Once the court approves the application and issues the Grant of Probate, the executor gains the legal authority to act on behalf of the estate, including selling the property. |
| Marketing and sale | With the Grant of Probate in hand, the executor can proceed with the sale of the property. This typically involves engaging a real estate agent to market the property, arranging viewings, and negotiating offers with potential buyers. |
| Conveyancing process | The conveyancing process for selling a property via Grant of Probate is similar to a standard property sale, with the executor representing the estate throughout the transaction. This includes working with a conveyancer or solicitor to handle the legal aspects of the sale, liaising with potential buyers and their representatives, and facilitating the transfer of ownership. |
Distribution of proceeds |
Once the property is sold, the proceeds from the sale are typically used to settle any outstanding debts or liabilities of the estate. Any remaining funds are distributed to the beneficiaries named in the deceased person's will, or according to the laws of intestacy if there is no will. |
Selling a property via Grant of Probate involves the executor or personal representative obtaining legal authority to manage the deceased person's estate, including selling their property, and ensuring that the proceeds are distributed in accordance with the deceased person's wishes or the laws governing intestacy.