As the named executor of your loved one’s last testament, there’s no denying that a considerable amount of expectation falls on your shoulders. In some cases, it’s an undesirable position to be in, but an important one, nonetheless.
Typically, you may be tasked with the sale of the deceased person’s home, after which the sale proceeds must be distributed accordingly and fairly. However, the process entails more than simply calling a realtor and putting the home on the market.
If you’re wondering: How long does an executor have to sell a house? Is there a time limit? You’ve come to the right place. Let’s explore everything you need to know about the process of selling your probate property in Odessa.
Understanding the Role of an Executor
Selling an inherited home is just one of the boatload of responsibilities of an executor of a will. In reality, this role carries a number of obligations that demand careful consideration, legal advice, and time. The executor must ensure that each beneficiary receives their respective share of the balance. The estate is administered as per the law, and the decedent’s creditors receive payment from the estate.
The underwriter will give the executor the go-ahead to use the proceeds to clear funeral costs and other personal expenses. If the executor needs or wants the funds before one year elapses, they can receive them at a stipulated cost of 2% per $100,000 sales price. It translates to $16,000 on a property worth $800,000, for instance. The fee goes to the underwriter to factor in the risk they are undertaking for the early release of the funds.
In some instances, the executor is also the beneficiary of the estate. If that’s the case, it’s essential for you to meet the executor’s obligations without a conflict of interest, more so, with several beneficiaries involved. Upon anticipating conflict, we recommend finding another party to serve as the executor.
If you’re not familiar with asset distribution or probate law in Odessa, it’s probably best to hire a probate attorney for help. They’ll draft the required documents and appear in court on behalf of an executor. When it comes to the sale of a probate home in Odessa, an executor has important responsibilities.
For instance, they must ensure the property’s safety and keep it in tiptop shape until it’s sold. It entails securing valuables, updating the locks, and the acquisition of insurance. Additionally, you must maintain the home and collect rent from tenants until it’s sold.
Approximately How Long Does an Executor Have to Sell a House?
An executor’s timeframe to sell a home isn’t cast in stone. There’s no universal duration, only what the probate process dictates. Therefore, upon submitting a will to the probate court, your goal is to sell the house before the probate closure. But you’ll most likely want to sell your house fast and remove this burden from your life.
Taking Control of the Home
As mentioned, the responsibility of taking control of the house falls on the executor’s shoulders. It ensures the estate property remains in good hands and in excellent condition for a decent sale. When a home is empty or vacant for a period of time, the executor will have to swap out the locks, change the mail delivery address to theirs, and maintain the estate. Additionally, rerouting the mail is a convenient way of receiving the required documents to settle the estate in its entirety.