- When the decision is made to sell the estate, the entire process is handled efficiently and professionally by ok managers of the group. Implementation of the step by step process is designed to make the preparation and sale as convenient as possible for the real estate sellers.
- Prepare a Comparative Market Analysis (CMA) of the value of the property.
- Provide a full marketing plan for listing the property on the Palm Beach, Broward or Dade County Multiple Listing Services (MLS).
- Present documentation and information to all involved parties: heirs, trustees, attorneys and executors of the estate.
- Inform the client on all aspects of marketing and selling the estate. Throughout the listing period timely market status reports are provided.
- Communicate with attorneys on pertinent details of the sale process. During the marketing and sales period, timely written reports will be submitted by Trust Power Realty to the involved professionals.
- Coordinate with necessary condominium and gated community associations to receive all necessary information regarding association bylaws, regulations, assessments and finances regarding the association.
- Fulfill fiduciary responsibility to market, advertise and sell the MLS listed property.
Frequently Asked Questions
Click questions to see answer.
- 1. What does “fair market value” of an estate property mean?
The fair market value of a property is the price that a buyer is willing to pay for the property and a seller is willing to accept in the sale. The price is not determined by a forced sale price and neither participant is under any compulsion to buy or sell. Both buyer and seller should have reasonable knowledge of relevant facts. The location of the property is always taken into consideration in determining the value.
- 2. What is involved in selling an estate property?
The sale of an inherited property is considered the sale of an asset that is part of the estate. This capital asset may be subject to capital gains or loss treatment. If the sale takes place soon after the date of death, there is usually little or no gain to account for. The law determines that the basis of a property acquired from a decedent is the fair market at the date of death.
- 3. The estate is shared among myself and two siblings, how is the shared value calculated?
The division of an estate is a complex issue. If the deceased has specified in the will how the assets are to be divided, then this becomes relatively simple. The property fair market value will be calculated into the value of the gross estate and will be divided accordingly. If there is no will, then the estate will go into probate and the division of the estate assets will be established through the judicial process. A tax accountant or attorney should be consulted for further information.
- 4. What if the estate includes property owned in more than one state?
A certified copy of the will must be submitted to probate in each jurisdiction where property was owned. This probate is called an ancillary probate. If no will existed, each state will have its own law for distributing the deceased’s real property. Probate is usually handled in the home state. Additional Representation may be required to administer the instate property not in the domicile state.
- 5. What is needed to get the property ready to go on the market?
The sale and management of the property in an estate includes many steps. The process is described in the Trust Power Realty website. The heirs can be as involved in the process as they choose; the Trust Power Realty will assist in all aspects of the estate sale. The details will be discussed with the responsible parties and assistance will be given as requested.