The loss of a parent is something many of us dread above all else; however, it is a possibility we may face at one time or another. As uncomfortable as it can be to have the conversation and sort out any arrangements in advance, it makes for a much less painful experience when the time arrives.
One must-have discussion will revolve around the sale of the family home. Adult children often have an undeniable connection to the place where they have so many fond memories. Real estate transactions can be complex enough without the myriad of emotions potentially clouding any decisions.
Nevertheless, transferring the home to a new family who will also cherish it can be an important step in the healing process, as well as a significant financial boost to the loved ones left behind. This is why estate sales should always be handled with meticulous care and in accordance with your parents’ wishes.
In this post, I’ll address one of the most common questions my clients and family members tend to ask. How long do you need to wait before selling your parents’ home?
Some real estate transactions are more sensitive than others, and all require a great deal of expertise and compassion. You can learn more about my specialized services for seniors right here.
The Real Question
You should be able to sell the home whenever you and other family members are ready and in agreement. Unfortunately, a series of legal matters prevents it from being so simple. Before the transfer of ownership can take place, you must first complete the probate process.
Probate means the courts have granted permission for the Executor to distribute the estate according to the terms outlined in the Will. Selling the family home is just one of these tasks. If there is no Will, conflict might arise among surviving siblings, grandchildren, and other relatives, which could delay the process even more.
That’s why estate planning well in advance is so critical. Your parents can circumvent some instances of probate by naming their beneficiaries on any bank and investment accounts, which automatically transfers ownership without probate. However, the sale of the family home and any other property must always go through probate.
Thus, the real question is, how long will it take for the courts to grant probate? A clear, legal Will will help expedite the process, but it still depends on when the Executor submits the application and how backed up the courts are. In general, it can take a few weeks up to a year before the Executor can proceed with the sale of the home.
When Might You Not Need Probate?
While less common, there are a few circumstances where probate is not required or relevant when selling a loved one’s home.
The first is “first dealings”, a fairly complex instance where the home was purchased or transferred during Ontario’s Registry Act era. Given the rare nature of first dealings, you should always approach this with a lawyer.
The second instance when probate may not apply is if the home is under joint tenancy. Once again, you should always consult a lawyer if you believe you may be exempt from probating.
Estate planning is never an easy topic, but it is better for everyone to have the discussion early. The posts below can give you a starting point:
- When Do You Need A Power Of Attorney (POA) In Real Estate?
- Preventing Family Conflict When Selling Your Parent’s Home
- Preventing Family Conflict When Your Kids Sell Your Home
Easing Into the Transaction
Technically, there are no rules that prevent you from listing your parents’ home whenever you are ready. The problem is that you can’t close the transaction until the courts grant probate. Since most buyers want to take possession quickly, very few will be willing to wait until the details fall into place. Even if you do find a very patient buyer, it will likely come at a cost.
In most cases, it’s better to wait until you have probate before officially putting the home on the market. However, you can start by taking steps now to prepare the property for sale. Your parents will likely have accumulated many personal items over the years, especially if they have lived there for a long time. To you, they represent some of your most cherished memories. But to a potential buyer, they are distractions and can stop them from fully seeing the home as a place they can call their own.
Focusing on Presentation
You’ll need to take the time to clean and declutter the entire house if you want to earn the highest possible price in the current market. Going through your parents’ belongings can be a painful process, but it is a task you will have to tackle sooner or later. Having other family members around can make the process easier, especially if it means your parents’ sentimental keepsakes find a new home rather than being thrown out.
The earlier you start, the more time you have to get the house ready to welcome a new owner. Preparing the home well before probate also gives you time to make any upgrades that can enhance its value, such as painting and other minor repairs.
Do you need more advice to sell a home for someone else? You’ll find plenty of tips and resources in the posts below:
Reach Out for Support
Did you know that some real estate agents have a designation specifically for senior services, which can also make them uniquely qualified to handle estate sales? The certification is called a Senior Real Estate Specialist (SRES®). Achieving this status means an agent is not only well-equipped to help you sell an older parents’ home, but to manage the many unique challenges you will face along the way.
This could mean anything from family disagreements to financial or legal concerns. In some cases, it simply means handling the transaction with skill while helping your family navigate the conflicting emotions that go along with selling your long-time home.
As an SRES® agent, I am determined to make your transition as seamless, successful, and painless as it can be given your circumstances. My entire network of lawyers, financial advisors, and other service providers is also available to support you during the entire transaction. Once the sale of your parents’ home is behind you, you are free to honour their memory as you begin your own healing process.
Are you looking for personal guidance when handling an estate sale? I am here to support you in any way you need. Reach out to 647.283.2127 or email stuart@stuartnodell.com to start a conversation.
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