Can You Sell a Home Before Probate Is Granted?

Many of our clients are interested in understanding can you sell a home before probate is granted.  In short, the good news is the answer is yes. But no doubt you want to know a bit more. In this post, we answer frequently asked questions on the topic of buying or selling a home in probate. Here’s the scoop on what our clients have found useful!

What is probate?

Probate is basically the approval of a will of a deceased person. It involves the validation of the will and the confirmation of the appointment of the executor. Probate is usually a necessary first step in the sale of real estate that belonged to someone that has passed away. The executor applies for probate and the process is carried out by the courts, in our case the Ontario courts.

How long does probate take?

The time it takes for probate typically varies between 2-4 months. The length of time is dependent on how many other people have applied for probate in your jurisdiction at the same time as you. The time period is completely out of your control and there isn’t anything that you or your lawyer can do to speed it up.

Can you sell a home in probate?

Yes, you can sell a home that is currently in probate, waiting for court approval.

However, you cannot close the deal until probate is complete.  This means the buyer will have to be somewhat flexible with their closing date. Typically the purchase agreement will include a specific close date. But it will also include a clause that indicates the seller must have the notarial certificate of probate before the property will close.

Why would a seller want to sell before they have probate?

Many sellers will decide to go ahead and put their home on the market while it’s still in probate to take advantage of a hot real estate market. Let’s say for example that your home goes into probate in April. You may decide to go ahead and sell your home in the hot spring market instead of waiting for probate to be completed. In this situation, you could have a firm deal for a committed purchase price and conditions that can close immediately after the courts grant probate.

Why would a buyer want to purchase a home in probate?

A buyer might be willing to risk a little uncertainty if they’ve found their dream home. This is especially true if the price is good. If you find your perfect home and it’s in probate, in most cases it’s fine to go ahead, as long as you have a bit of flexibility on your close date. You can purchase the home with a firm commitment on price and conditions but will need to close when probate is complete.

Buying or selling a home in probate does add a bit of complexity. However, there are many reasons why it may make sense for you. No two situations are the same. A knowledgeable and experienced relator can help you assess what’s right for you.

If you want to know more about buying or selling a home in probate or have any other questions, your ThompsonSells team is here to help you every step of the way. Get in touch with us today!