probate deals

Performance Property Real Estate Question

The Probate Trap & How To Avoid It

Q: Gerald, I spent the last few months trying to buy and close on a probate real estate deal. Just as I thought we were about to close another heir showed up making demands that were outside of what had been agreed upon. How do I avoid this kind of problem on the next deal? Kerry, Union, NJ A: Great question, Kerry. A home is sold in probate court when someone dies without a will or without bequeathing the property they own. When this happens, the state takes over and administers the property’s sale. The court normally then appoints an executor of the estate. It sounds like you were negotiating with someone who had some interest in or connection to […]

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