Submitted by the Weston Buckhannon Board Of Realtors
Dealing with the death of a loved one and having to sell property can be an overwhelming process. West Virginia has the second oldest population in America behind Florida. We have a statistic that homeownership is very high 74% of people own their homes!
When dealing with the death of a loved one and selling property they owned everything from cleaning out personal belongings, paperwork and preparing for a sale can be time consuming and daunting.
The first step is to establish the status of the estate: the legal right to sell a property has to be determined and who has that right. If the decedent had a will, the probate process can sometimes be easier if the will specifically named the executor of the estate to handle the sale of any real estate. If it doesn’t state this then all heirs to the property must be included in all listing and purchase agreement documents that your real estate agent provides.
As the process moves forward the realtor involved must stay in touch with all the heirs and get everything signed and agreed upon in writing. The monies from the sale must go into the estate account if the estate has not been finalized at the time of closing. This ensures that all bills and liens are paid 1st and that the rest is distributed after the estate is closed per the decedents wishes.
If the person died without a will which is known as intestate and administrator has to be appointed and approved by the County Courthouse where the persons estate will be administered. State law then determines who inherits in case of no will.
There are other scenarios where the person that passed away had their assets in a trust which requires no probate, and the properties can be transferred without all of the above taking place. Another scenario is if the decedent had an attorney do a “transfer upon death deed”. This deed needs to be recorded as well with the County Courthouse and it also allows for the sale of property without probate.
The roles and responsibilities of each person must be spelled out. The heirs or inheritors who receive the property must be determined and they must cooperate with the person appointed. To execute the estate, the real estate agent you choose must be familiar with selling estate properties and experienced with the legal requirements to make it a smooth process.
Remember also sometimes there is still a mortgage to be paid on time each month the utilities are often kept on and paid with the decedent’s funds (from estate account) if available. The real estate taxes must be paid as well, and the homeowner’s policy must be kept current.
In the case of capital gains or inheritance taxes all heirs are advised to consult an accountant or tax professional. Once a home is on the market unless being sold “where is as is”, the buyer may ask for repairs based on a home inspection or negotiations based on the home inspection. Also, if the property has a septic system, the required testing is often not allowed to be done on a vacant home. This is considered inaccurate because it’s not “in use” per West Virginia health department code. There may be a septic pumping fee as well which in our area is $350.
Disclosures may have to be filled out as part of the property selling. The lead paint disclosure is a federal law and required on all homes built before 1978. Your realtor can discuss and provide the legal forms plus provide the buyer the pamphlet called “Protect your Family from Lead in the Home” that is required by this law. Any other issues that heirs are aware of should be disclosed in writing with all parties signing (sellers and buyers). Disclosure requirements vary state to state.
To protect yourself and the assets that you are going to be dealing with make sure that you have vetted and questioned the real estate company that you have chosen. This is one of the most important decisions you make along the way so you have a professional to help guide you that has experience in this area.
