Selling a house in probate: What is the option to speed up the process and avoid extra expenses
Selling a property whose owner has died, which will be inherited and which is in succession is possible in Argentina. Although sometimes it is thought otherwise. However, it differs from a conventional operation in which the buyer and seller simply go to a notary’s office to bring the documents and sign.
- A legal shortcut allows heirs to shorten the paperwork.
- The requirements, necessary documents, and costs to consider.
When it comes to a property that is registered in the name of someone who is no longer there. The situation changes and it is no longer so simple or so fast.
It happens that in these scenarios of full agreement there is another resource that can be very convenient to speed up the process.
This is the so-called “abbreviated tract”, which avoids the last step of probate, as well as its costs, for a faster sale of the property.
How to sell a home in succession?
Probate is a procedure through which the estate of a deceased person (home, other properties, cars, cash, companies, etc.). Becomes legally available to heirs and interested parties.
This process culminates in the “declaration of heirs”. A decision issued by a judge by which one or more people are recognized as heirs of the deceased.
To manage a succession, according to specialists, you must first know that there are two types of procedure: Succession without a will. Which is usually the case for the vast majority; and succession by will, which is less frequent.
Thus, the existence of a will does not prevent the succession from being processed, but rather opens a different succession procedure. Even if an heir files a will, it takes a process that cannot be skipped.
Courts often issue edicts to ensure that there are no forced heirs and that the will is valid. If there are no legitimate heirs and there is no will. The estate is declared “vacant” and the deceased’s assets are handed over to the State.
The important thing is that, as the succession progresses, the heirs can sell the properties they want.
What does it take to sell a house in probate?
To sell a house in succession, it is necessary, in addition to the original title in the name of the deceased. To obtain documentation and comply with a series of requirements and steps:
A copy of the will:
Only if it exists. This document specifies who the heirs are and how the assets should be distributed.
A petition for probate:
The heirs must file the petition with a judge to be granted the right to manage the property.
A professional appraiser:
To determine the current market value of the property. It is recommended to hire a professional appraiser who can make an accurate appraisal.
Agreement of the heirs:
If there are several, it is necessary to negotiate and agree with them how the money obtained from the sale of the property will be divided.
A banner advertisement:
Putting the property on offer to find potential buyers, either through a real estate agent or on your own.
A purchase-sale contract:
In order to close the sale, it is necessary to sign such a valid document that meets all legal requirements.
“Abbreviated tract”: what is it, what is it for, and how does it work?
These are quick successions that can be done when all the heirs agree to sell the property, in this case a property.
By opting for this option, the last step of the succession is shortened, such as the transfer of ownership, and its costs for a quick sale of the property, since it would be nonsense to register it in the name of the heirs and then transfer it to the buyer.
Even on occasions when the heirs do not have the funds to pay the fees during the process. It is usually the most effective way to cover these costs, deferring their payment until the time of the sale of the assets.
As detailed in the Association of Notaries of Buenos Aires, the same notary who intervenes in the sale can relate the background in the deed. Guarantee that the law was complied with and control all the documentation. Both the original title and the succession file itself.
Thus, all the heirs must present a note of consent to the judge, who must grant the request, and 30 days later the property will be in a condition to be sold.
Once the bill of sale is signed and the deed is made. The property is transferred to the buyer, all in the same act. In this way, the registration will record the death of the owner. But it will be done directly in the name of the person who buys the property.
With regard to costs, registration fees are payable in any case. And as for the fee, he indicated that there is a minimum and up to 20% of the value of the operation.
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