Selling a property in an Estate Sale

Selling a home through an estate sale

If you’re reading this section, you may be an estate trustee – or be interested in the process. Maybe you’re in charge of selling a home for someone who has recently passed away. So where do you start, and how can I help?

What happens to a real estate holding when someone passes away?

If this has happened the Power of Attorney which was in place while the person was alive ceases to exist. The Estate Trustee then takes over to administer the Will and Estate. If a sale of property is involved, it will take one of two streams:

1. The Estate will need to go through the probate process before the sale can finalize

2. The property may be able to be sold without probate if the home was purchased before the conversion to the Electronic Land Titles System and has not changed ownership since (so the property was purchased before 1993 or so)

Whatever your situation is, the best first step is to consult with a lawyer.

Emotional Dynamics

Selling a family home can be an emotional experience for everyone. Depending on the family dynamics, there may be family resistant to the sale. There may be family hoping to buy the property. There may be family living in the vacant property who will have difficulty moving. Or the family could be working in harmony.

Whatever your family dynamics, it’s best to work with an experienced Realtor who can navigate, mediate and communicate well with everyone.

Why is it important to work with a Realtor familiar with the process?

This way you can come up with a plan that will allow you to:

Help guide you through the steps including if Capital Gains is applicable, prepare letters of opinion or find an appraiser to help value the property

Discuss whether home improvements or renovations are necessary

Help you plan any home updates with today’s buyers in mind

Calculate the ROI of home improvements or renos

Have a team that can help you deal with belongings, furniture, cleaning and any other details in order to maximize the property’s value

Work out a timetable and keep things on track

Communicate with family stakeholders

Guide you through the complexities of today’s fast paced real estate market

Liaise with local Real Estate lawyers or your Estate Lawyer to ensure no detail is missed

This is particularly important if you are living in another city from the property!

What’s Next?

To learn more, call me at 416-562-5002 for a coffee (or tea) and a chat about the planning process. If you are out of area we can set up a Zoom meeting at your convenience - just e-mail me below

Sue Anfang

Cell: 416-562-5002

Office: 416-465-4545

Keller Williams Advantage Realty Inc, 1238 Queen St. E, Unit B, Toronto M4L 1C8