There is a legal process going on with the property after the owner dies. This person is also known as the “decedent” and this process is called probate and it actually presents a reassigning the property to the inheritors. Sometimes there is a will left by the person that died but in some cases there isn’t. In a case when there is a valid will there is “executor” appointed to gather all the assets owned by the “decedent”.
In a case when there is no valid will left there will be administrator appointed. No matter which kind of case it is about. The property will be reassigned to the inheritors by the laws of the Georgia Probate Intestacy. In case of selling properties like these, there are some steps all realtors are advising to follow. Also, there is a professional tip that points to the choice of skipping the probate process if all heirs agree how the assets will be distributed.
Property evaluation is one of the first important steps that have to be done in this process and it requires a contacting a professional appraiser over the phone book or over the recommendation of the real estate agent.
Probation is the process that needs to be approved from the court by filling out the certain form known as a petition form. This provides all the details of your property to the court including the sale method. Buyers are always seeking properties that include the completed procedure of obtaining this petition.
It is very important to inform future buyers about the fact your property will be sold when it gets confirmation of the court it is on probate. While you are waiting for this confirmation. Put your property on sale with other needed property data for your future buyers. Hearings usually take place between 20 and 40 days. You may use usual advertising service in local newspapers. There is also the option of bidding where property has a chance to get the best price. Many people use this option and bid on court hearings, especially real estate investors.
When the bid is done cashier check is given to the court and usually. There is always some deposit of the original price paid after the contract is confirmed. A good real investors always look for the properties that obey all the rules of the court.
This is one of the 38 states that have no estate tax neither inheritance tax. One tax you should be aware of is Federal estate tax but this only considers properties over $11,18 MM. Fact is if anybody inherits the property in Georgia. And sells it will be taxed for the amount between the current evaluated value of the property and the realized selling price.