How to Sell a Condo in an Estate FAQs
If a loved one recently passed a way, you may have questions about the steps involved in distributing the property in the loved one’s estate, including how to sell a condo in an estate. It is important to understand that during probate, only the executor of the estate has the legal right to sell estate property, including real estate. Furthermore, when an executor makes a decision to sell real estate, he may only do so if it is in the best interest of the estate. To discuss your concerns related to how to sell a condo in an estate, contact an experienced Chicago estate administration lawyer at the Law Offices of Stephen Bilkis & Associates.
- What is Probate?
- What if the Decedent did not Make a Will?
- Is a Condo Part of Probate?
- If a Condo is Part of the Probate Estate and I Want to Sell It, What can I do?
- Can the Executor Sell the Condo if Some is Living in It?
Probate is the process that occurs under the supervision of a probate court judge in Chicago during which the estate of the decedent is settled and his assets are sold based on the terms of the decedent’s will. The executor named in the will is responsible for managing probate. During probate the assets in the estate are collected and appraised, including real estate. Debts of the estate are paid, and any property that remains in the estate will be distributed to beneficiaries based on the terms of the will. In Chicago probate typically takes 6-12 months. Real estate and other assets in the estate will not be distributed until the end of probate.
[ Back to top ]What if the Decedent did not Make a Will?
If your loved one did not leave will, her estate still must go through probate. However, with intestate estates, the process is typically called estate administrator and is managed by an estate administrator appointed by the court. To learn more about the process of appointing an estate administrator, contact a skilled estate administration attorney in Chicago.
[ Back to top ]Is a Condo Part of Probate?
All property that is part of the decedent’s probate estate must be part of the probate process. If the condo was individually owned by the decedent it would be part considered probate property. If the decedent owned the condo as a tenant in common with another person, the decedent’s interest in the condo would be part of the probate estate. On the other hand, if the decedent owned the condo as a joint tenant with another person, the condo would not be part of the probate estate and would not be subject to probate. Instead the decedent’s interest in the condo would go to the surviving joint tenant.
If you have questions related to the ownership status of a condo, discuss your concerns with a Chicago estate administration lawyer.
[ Back to top ]If a Condo is Part of the Probate Estate and I Want to Sell It, What can I do?
Only the executor has the power to sell probate property. Moreover, because the executor is bond by his fiduciary duty, he can only sell a condo if it is in the best interest of the estate to do so. Typically, probate property is sold because the will requires it, at the direction of the beneficiaries who stand to inherit, or in order to raise cash to pay estate debt.
[ Back to top ]Can the Executor Sell the Condo if Some is Living in It?
If the executor determines that it is in the best interest of the estate to sell a condo he may do so. However, the process of how to sell a condo in an estate may be slightly more complicated if someone is living in the condo. If someone is living in the condo who does not have any ownership interest in it, the executor has the right to ask the person to move and initiate eviction proceedings if necessary. To make sure that the process is as smooth as possible, contact an attorney for help.
[ Back to top ]Contact the Law Offices of Stephen Bilkis & Associates
The details of how to sell a condo in an estate can be tricky. It is important that the executor consider a number of factors before moving forward to sell a condo in an estate such as what the will requires, the beneficiaries effected, and how the condo is registered with the county. If you are an executor or a beneficiary and would like to learn more about how to sell a condo in an estate in Chicago, contact an experienced estate administration attorney serving clients in Chicago at the Law Offices of Stephen Bilkis & Associates. We are here to help. Contact us at 855-454-5529 to schedule a free, no obligation consultation regarding your case. We represent clients throughout Chicago.