Calgary Help With Selling home or Property When Someone Dies
Legally Selling the Home of Someone Who Passed Away
When you can sell the home of someone who has passed away is actually quite complicated. Your legal ability to sell the property will depends on quite a few different factors. Selling the home of someone who passes away is not always cut and dry and the estate may need to go through probate first. In some cases, the courts may not require probate at all. Please Note: Risks exist if you sell the home of a person who died before you receive a grant of probate from the courts. The estate lawyers at Kahane Law Office help apply for an expedited probate to deal with selling a home.
Property That Is Jointly Owned By The Deceased?
Selling a home, or any other property, jointly owned by some who has died is the easiest property to sell. If the property is jointly owned by a married couple or any two or more people, then the home will not have to go through probate. The property will transfer solely to the surviving party. This is fast, easy and inexpensive by way of an affidavit of surviving joint tenant. At that point, the remaining people on title will be able to sell the home if he, she or they wish(es). Of course, there is no need to sell the property if they want to hold onto it.
Selling The Home Of Some Who Has Died When Owned As A Tenant in Common
Property that is not owned as joint tenants is owned as a tenant in common. Selling the property of someone who has died as a Tenant in common is more complicated. When you need to sell the home or property of a tenant in common who has passed away you need to go through probate. See below as to what happens if there is no will. The grant of probate will help determine exactly what happens with the property of the deceased person. In cases such as these, it will be impossible to sell the property until probate is settled and the property goes to the right owner. No one has the legal right to sell the property of someone who has passed away without a grant of probate. Probate lawyers can help you though this process.
What If You Inherited The Property of Someone Who Has Died?
In the event you inherit the property of someone who has passed away, as soon as the legal transfer of the property to you is complete, you can sell it. Again, you have to wait until the legal process concludes just to make sure that there is no one that will contest the will. Since the deceased can name anyone in the will that he or she chooses, there is always the possibility that someone will want to contest the will, even if they are family members. They could feel that they were owed more in the will. Instead of getting ready to sell the home and talking with a real estate agent, it’s always better to wait until the legal processes are complete. Never contract to sell any property that you cannot absolutely transfer ownership to. When you are ready to sell, our Calgary real estate lawyers can help.
When Someone Dies With No Will
What happens to the home or properties of someone who dies without having a will? The term for this situation is referred to as someone dying intestate or an intestacy. Dying intestate causes a number of issues and complications, and it can be unclear exactly what will happen to the property. This is especially true if the deceased has a number of debts and bills to pay. In those cases, the best option is to contact a lawyer who specializes in estate affairs and who will be able to provide you with a better idea of what will happen with the property.
The intestacy lawyers at Kahane Law office in Calgary can help. The process of getting the court to grant an order with respect to distribution of the property is similar to probate. In the case of their being no will, the process is referred to as letters of administration. For more information on what happens when someone passes away with out a will (intestacy) you can watch this video.
Will You Pay Capital Gains Tax?
For those who receive homes from a will, one of the big questions is whether they will have to pay capital gains tax. Many times, you do not have to pay any capital gains tax on the property. However, this is dependent on the property. If the property was the principal residence of the deceased, you will not have to pay capital gains tax. However, if it was a rental property or a second home that was not the primary resident, there is a capital gains tax. Always speak to a certified accountant to get proper accounting and tax advice.
Because it can potentially be confusing to know when you are able to sell a home owned by someone who passes away, and there are potential probate issues, it is generally a good idea to consult with an attorney. The lawyers can ensure that you’ve gone through all of the correct procedures and that the property is ready to sell without any legal problems cropping up during the sales process. For more information, click here to watch our video on probate and probate lawyers.
Need More Help When Selling The Home In An Estate?
The Calgary Estate lawyers and real estate lawyers at Kahane Law Office can help you when a family member or loved one has passed away and need to sell their home. As a firm with both real estate and estate lawyers, we are able to easily help you through this process. Selling the home or property of someone who has died can be emotional and difficult. You do not have to go through this process alone. You can reach us at 403-225-8810 locally (toll-free at 1-877-225-8817) or email us directly here today to contact us.