An executor of an estate for a deceased person is an important administrative task. The responsibility is to ensure that the duties outlined in the decreased Will are carried out. A common aspect is the selling of a home as an executor of the estate. This is what to expect as an estate executor after the homeowner passed away. There are several additional steps to navigate when selling a home as an executor of the estate. Getting some clarity early on can go a long way towards a successful sale.
Types Of Real Estate Ownership:
1. Joint Tenancy
The case of two or more people owning the property. The deceased portion is passed along the surviving owners. To transfer the deceased’s name from the title to the survivors – knows a “right of survivorship” – proof of death (for example, an original death certificate) must be registered.
2. Tenancy In Common
Tenancy in common is unlike point tenancy when two or more people hold ownership of the real estate. In this case, the portion is health with as a share in the real estate. There is a value to this as the Will directs the executor on how to deal with the deceased’s share. The remaining owners(s) do not receive this share ownership unless stated in the deceased’s Will that he/she/they are beneficiaries.
3. Sole Registered Owner
The sole registered owner is more obvious. There is only one owner of the property, the deceased. In this case, the process is similar to tenancy in common, in that the ownership will be passed or sold with the proceeds going to the beneficiaries as per the Will.
Once the above ownership is clarified, the executor(s) proceed to transfer the deceased interest in the home to the executor/estate trustee. The next steps are to deal with the property as the Will directs. In this example, we are focusing on the sale of the home by the executor. A real estate lawyer assists in this process to ensure that the necessary documentation through the City of Toronto is registered in place.
Once the necessary documentation is in place, the executor may list the deceased’s home with a Realtor. Ideally, probate has been completed before the sale to better ensure a smooth process for all interested parties of the home sale.