Deceased estate property sale is emotional and stressful, especially if it is a place where you have spent a lot of time or where you grew up. The process is complex and time consuming even if your dearest’s wish is well defined. An estate can include their house, investments, business, furniture and anything else they owned. Here, we will mention some things you should be aware of during a deceased property sale which will help you reduce stress and worry.
In the best case scenario, there should be a person who is responsible to carry out the conditions made by a will, so called executor. Before managing the estate and allocating the assets to inheritors, the executor should apply for a legal document – ‘Grant of Probate’ from the Supreme Court. It takes about four weeks for the document to be obtained, although, if there is no will, this can take even longer.
Apart from this initial stage, selling a deceased estate property is not much different than selling any other house. The property should be formally evaluated and to get the best price for the house, we recommend you to involve a good estate agent. And, like with just any other property, before selling, make sure the house is clean and presentable.
Cleaning a deceased property of your loved one can be very painful, so we suggest you get someone to help you – either some close friends, other family members or hire a professional company, specialised in the house clearance work.
Auctions are very common types of sale, a transparent process for all the parties involved. We recommend you to spend at least a month of marketing to attract potential buyers and create proper competition that will ensure you get the best price. If the house is in an area with strong demand, it is very likely that you will get a good price in a short time. If, however, you are selling the property in less popular areas, this process can take much longer. Also, be aware that auctions involve settlements that can take up to 90 days to be closed.
The statistics show that almost one half of Australians do not leave a will which can lead to traumatic legal battles, expensive taxes and the delay in the property sale. To prevent all these disputes, it is highly recommendable that everyone makes a will or at least a plan how their belongings should be distributed.
It is worth to know that there are many companies who deal with deceased estate property sales, offering you a guaranteed price and managing the sale. This way you can simplify and speed up the whole process, reducing stress for you and other family members.