The loss of a parent or loved one will be hard enough without also having to also navigate the probate process, but it’s a reality many people must face. If you make a mistake along the way or something is overlooked, you can end up costing yourself tens of thousands of dollars or more as you attempt to sell property that you inherit during the probate process. In today’s blog, we share some tips for selling inherited commercial property following the death of a loved one.
Selling Inherited Property After Probate
Every situation is different, and while we want to provide some general guidance in this blog, know that it is in your best interest to connect with a local expert who can provide advice based on your individual situation. With that said, here are some helpful tips to keep in mind if you plan to sell commercial property that you expect to inherit through the probate process.
- Collect Important Documents - First and foremost, collect copies of important documents that can help start or aid in the probate process. Documents like a death certificate, copies of a will or any documents related to a previously or soon-to-be established trust can help with the initiation of the probate process.
- Understand Legal Rights And Seek Court Approval - In some instances, you will be required to seek court approval if you intend to sell inherited commercial property, especially if you are not yet 18 or if a guardianship situation exists. You can connect with a commercial title company like Commercial Partners for more information about seeking court approval and if it is necessary ahead of your sale.
- Property Assessments - Next, you’ll need to conduct some assessments with the new property and get an appraisal to establish a market value and asking price. Whether you plan to sell the commercial land to the neighbor farmer or an investment firm with first right of refusal, it’s imperative that you get an appraisal to understand fair value so that you can better assess offers you may receive. During this time, you may also need to make some improvements to the property if areas are not up to code or for cosmetic reasons to boost your chances of receiving better offers.
- Field Offers With An Expert - As offers roll in and you come to an agreement, it’s wise to have a title company on your side. They’ll be able to ensure you handle any responsibilities during the due diligence stage, which is the period between when an offer is accepted and closing. By clearing a property’s title and ensuring all surveys, assessments and repairs are completed as needed, they’ll be able to keep a sale on track.
- Closing Like (And With) A Pro - Finally, your title company will prove essential during the closing period. They’ll assist with some behind the scenes court-mandated steps that are required when selling probate-distributed assets, and they can prove essential when it comes to funds distribution during closing, ensuring any outstanding debts are settled before you get the remainder of the funds from the sale.
When it really comes down to it, you can ace the probate process and sell your inherited property more easily if you have a title service team in your corner. You’ll be dealing with a new reality in the wake of the loss of a loved one, and working with a title service team allows you to focus on more important matters while also having peace of mind that the process will play out correctly and with your needs in mind. Let us help you if you’re looking to sell your inherited commercial property or if you’re looking to expand your commercial portfolio. For more information, connect with the team at Commercial Partners today at (612) 337-2470.