Articles and audio on New York Probate Real Estate
Inheriting someone’s home or property can be a stressful and overwhelming process. If the property is located in the US, and you happen to live outside of the country, it can be even more difficult.
This happens when the buyer agrees to a higher contract price, but the seller also agrees to credit back a set amount to the buyer, so the net purchase price is lower.
How do you sell a probate co-op, when the estate has no other cash?
When one of the heirs won’t leave the family home, what can you do?
Here are three recent, real world, case studies of common probate real estate mistakes. Hopefully, you’ll learn how seemingly small errors can quickly snowball into huge, expensive problems, which you definitely want to avoid!
Linda spent six months working with a general lawyer (meaning someone who practiced personal injury, litigation, and a dash of probate on the side). There was not much progress in those six months, so Linda became frustrated and transferred the case to us. Sadly, we had to basically start from scratch, because the general lawyer did essentially nothing.
In Linda’s situation, six months went by and it was as if nothing happened in her case. One of the reasons for the delayed probate was because the general lawyer did not know what preliminary Letters Testamentary were. An experienced probate lawyer would have noticed right away that Linda had a complicated probate and would have immediately filed for preliminary Letters Testamentary. If this had been filed immediately, Linda could’ve started “executor-ing” months ago.
Another reason probate can be delayed is drafting the Petition wrong. In Linda’s case, the general lawyer didn’t understand which family members must be notified, and therefore hadn’t even begun collecting their contact information.
Lastly, probate can be delayed because a general lawyer might not realize that the Will isn’t properly witnessed. (As a side note, this is a good reason to find an experienced attorney to draft your Will). Getting the correct witnessing on a decedent’s Will takes a lot of time, including tracking down the witnesses and having them sign affidavits. An experienced probate lawyer would notice the incorrect witnessing and get started on the correction process immediately.
As with any practice, if a lawyer does not have much experience in a certain area of law, he or she will probably miss important details and cause delays.
In Linda’s situation, her deceased relative owned an income-producing property, and the general lawyer told Linda not to collect rent anymore from the tenants! This led to non-payment and problems with the tenants, which will cost the estate more money to work out. Instead of listing the house on the market during the summer, this lawyer’s bad advice means that Linda now must winterize the house. With proper legal advice, the house could have been sold and done with before the cold. In summary, bad legal advice causes more stress and aggravation for the client.
How can you avoid all this? Shop around: Compare lawyers, call their office, and visit their websites. Make sure you’re working with an experienced probate lawyer from the beginning.
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Doesn’t it feel like everyone is telling you it’s “so easy” to make money with probate real estate?
So let me share the real deal, from the perspective of a professional executor and probate attorney. That means I’m the guy actually selling the probate real estate.
