The Oklahoma probate process is the gathering together of the personal and real property of someone who has passed away. By law, the debts and any taxes owed must be paid off first, and of course the attorneys. After this is settled, the court can distribute what remains of the inherited estate to the heirs.
In Oklahoma, a petition must be filed with the District Court to determine if the decedent had a will and if that will is valid. Some estates have a will, and some don’t. Then a personal representative must be appointed to inventory and value the estate and assure that the estate is probated according to the law.
The process can take as little as a few months, and as long as a few years depending on the will, the assets, and the parties involved. It is the job of the personal representative to gather the assets, value them, post the notices, and distribute them according to the will and Oklahoma Probate Law.
If a disagreement arises between the heirs, usually the property must be sold at auction to the highest bidder according to the statute. If, however, all parties are in agreement and consent to a sale, the property can be sold at private sale and the proceeds distributed accordingly.
Family and Heirs: The Next Step
The passing of a family member is never easy. There is no reason to rush through the process, and it’s best to just take enough time to come to terms with the whole situation. You will have some work to do, going through your loved one’s belongings, tracking information down, and dealing with the finances.
It’s always best to consult an attorney to help you sell inherited property. A good probate attorney will have done this many times, and their guidance can be very helpful in getting through the process. There are numerous important issues to consider such as legal process, estate taxes, and more. We’ve worked with many probate attorneys in the Oklahoma City area, as well as in surrounding areas. We have quite a few probate and estate attorneys we can refer you to if need be.
Consider Working with Real Estate Professionals
The real estate industry is full of knowledgeable professionals who are experts in all kinds of property. Appraisers, real estate agents, investors, developers, and title agents all offer a unique perspective regarding value, repairs, marketability of title, and more. It’s a good idea to find out where the value currently is, and where it could be given the condition, location, and the needed repairs to make it ready for the market.
Often times, a property someone has owned for a decade or more may need repairs, updating, and sometimes even major improvements such as a roof, plumbing, and foundation repair. In cases like this, selling to an investor can make sense. An investor can act quickly and pay with cash, buying the house as-is to save the estate time and money.
Please call our office and speak with one of our professional home buyers if you have questions about selling a house from an estate inheritance at (405) 259-2488
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