What should an Executor consider before selling a deceased’s property?
You have been appointed an Executor under the terms of a deceased’s Will. The deceased owns a property in Queensland and you are at liberty to sell the property pursuant to the terms of the Will.
Although it may seem as simple as preparing the property for sale, engaging a real estate agent and listing it on the market for sale, there are important aspects you must firstly consider such as:
- Checking the name/s on the title deed and how the property is held if more than one person;
- What type of document is needed to transfer the property?
- Will you be required to apply for Probate?
- If no Probate is required to administer the estate, have you completed all tasks required under the terms of the Will prior to lodging the original Will with the Titles Office?
- Should you conduct repairs on the property to improve the sale price and prospects?
It is important that you do not enter into a Contract for the sale of a property noting the deceased as the Seller, or yourself as the Seller. There is specific wording that is needed and/or a special condition making the Contract subject to the transfer of the property.
Obtaining legal advice prior to signing any legal document dealing with property is always strongly recommended. Having to correct documents, could cost you hundreds or even thousands of dollars and in some instances the loss of a sale.