Vancouver Estate Sales
A large portion of my current transactions are estate sales. Given my wealth of experience here are some things for your consideration:
We need a title search to confirm the deceased it on the title. We need to confirm also if there are any joint tenants on title.
If there is no surviving joints tenants, the will needs to confirm who the executor is and the executor needs to apply to the Supreme Court of BC to obtain Grant of Probate. This will allow the executor to transmit the property title from the deceased’s name into the name of the estate. Once the property is in the name of the estate then the executor can transfer the property into one our more beneficiaries or liquidate the property through a sale.
It is important to note, the probate application process can take 3-6 months, and a sale or transfer of the property cannot take place until a Grant of Probate is obtained. However, the property can be put on the market for sale with a seller’s condition to obtain the Grant of Probate. The executor should consult an estate lawyer regarding the process.
If there is no will then the family member(s) need to apply to the Supreme Court of BC to obtain Letters of Administration, which will appoint the applicant as an administrator of the decreased. The process is similar to Probate in which it would take 3-6 months to obtain Letters of Administration. The administrator has no immediate legal authority, so the administrator should await the Letters of Administration before entering into any contracts.
When taking over as the executor, it is important to consider the following taxes:
Vancouver Empty Home Tax
Vancouver School Tax
Vancouver Housing Speculation Tax
Probate Tax Vancouver
How to maximize the value you are getting for your family home:
We offer a staging consultation to make sure your home shows in the best it possibly can.
We have trades available if there are touch ups that are required
Oil tank scan
We have oil tank companies we can recommend
Provide a timeline from start to finish
With family members and the decision making process. Unfortunately in many cases there are communication issues within the beneficiaries of the estate. My graduate courses at the UBC Psychology department facilitates a smooth process which ultimately must be a priority for any family!
Costs associated with the Vancouver Probate process
I have sold over a hundred estate sale properties and have lots of experience with various family dynamics. We make sure communication is always top priority. Please don’t hesitate to contact me on anything related to the sale of your family home.