If a loved one dies, you may need to act as the executor.
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The liquidator is the legal administrator of the estate. It is he who liquidates the estate of the deceased.
According to the usual deadlines, a period of six months to one year is recognized to dispose of the goods and complete this operation. Either an heir gets the house or the house is sold to a third party.
What should you know and plan before selling the house?
1. Protective measures taken by the insolvency administrator towards the house
These are measures taken to preserve property and its value, for example by ensuring basic maintenance of the building to prevent it from going under. As long as the home has not been sold or transferred to an heir, the trustee must pay the bills (mortgage, maintenance, utilities, council taxes, etc.) from the estate’s funds. The insolvency practitioner should have the deceased’s mail rerouted to his home address: various financial information (bank, statements of assets, insurance, etc.) can be sent in this way. Change the locks of the house: It is not known how many duplicate keys have been distributed over the years.
2. Privileges and Permission to Dispose
According to Me Luc Audet from the company Les avocats de solutions, you need to make sure you have all the permits to sell the house. The disposition permit must be issued by each level of government: it authorizes the disposal of property, including property, it certifies that the deceased’s taxes have been paid and that the liquidator can proceed with the sale or distribution of the property. Otherwise, the insolvency administrator will incur costs and be liable for paying the debts…
3. Set and approve the selling price of the house
Hire an appraiser to determine the market value of the property as is, ie without renovation work. With its ratio, the estimated price reflects the current market value neutrally. The sale price is then easier to approve and the heirs cannot claim that the insolvency administrator sold below the true value. The good idea: Sell the property with a real estate agent.
4. Empty the house and show it for sale
Items under $100 can be discarded immediately. No significant financial value can be derived from them due to their sentimental value or resale. Preparing the house for sale can be a long process. We want to present the house from its best side to prospective buyers and put it up for sale as soon as the disposal permits have been granted.
5. Two essential final checks
Make sure you have all permits for the sale. Also state the following in the brokerage contract and in the purchase contract: “The sale is made without a statutory guarantee of quality, at the risk and peril of the buyer. »
Advice
- Be mindful of your emotions: be sure to resolve any disputes that could affect or delay the liquidation process.
- Home insurance: Check with the current insurer to see if you should renew or buy a new policy to adequately protect property. The house will be empty, expect to pay a premium.
- Legal Documents: Gather all legal documents related to the property and its sale: title deeds, location certificates, bank documents, etc.
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