Are there any special rules for the sale of real estate by an executor?

In West Virginia, an executor is responsible for carrying out the instructions of a decedent’s will. This includes the sale of any real estate owned by the decedent. When an executor decides to sell a decedent’s real estate, there are a few special rules he or she must follow. First, the executor must obtain permission from the court, in the form of a “grant of permission to sell.” This requires the executor to prove to the court that the sale of the estate property is in the best interest of the beneficiaries and any creditors. Second, the executor must also establish the exact value of the real estate. This typically requires the executor to hire a professional appraiser to assess the market value of the property. The executor must then prepare a sales contract and submit it to the court for approval. Finally, the executor must follow the West Virginia probate code, which requires that certain steps be taken before a sale can take place. This includes publishing a notice of the sale in a local newspaper, providing the opportunity for creditors to file claims against the estate, and providing notice of the sale to all eligible heirs. The executor must also adhere to all other laws related to real estate sales, such as obtaining the necessary permits and inspections. When preparing to sell real estate owned by a decedent, it is important for an executor to understand and follow all of the legal rules to ensure that the sale is carried out properly.

Related FAQs

What is a testamentary trust?
What is a living will?
What is estate administration?
Is probate required if the decedent owned joint property?
What happens when someone dies without a will?
How many executors can be named in a will?
What documents need to be filed with the court?
What kind of documents is needed to prove will validity?
Who is responsible for administering an estate?
Are there special probate rules for minors?

Are there any special rules for the sale of real estate by an executor?

Related FAQs

Related Blog Posts