Executor of Estate & Dayton Ohio Probate Process
What is Probate?
Probate is the legal process that transpires after a person dies. During the probate legal process, this person is referred to as the “decedent” or the “Deceased.”
The Three Main Types of Probate Procedures
- Summary Release From Administration
- Release of Estate From Administration
- Full Administration
Montgomery County Ohio Probate Process
Probate is the legal process that takes place in Montgomery County Ohio Probate Court after a person dies. When a person dies without having a will or testament, Montgomery County Probate Court will appoint an executor, i.e., administrator (male) or an administratrix (female) to handle the estate proceedings. The court will oversee the transfer of property from an estate to the deceased person’s beneficiaries.
As an administrator, administratrix or executor of an estate, you may have to sell off a piece of real estate or multiple pieces of real estate property (probate property) held by the estate that was not directly willed to a specific beneficiary. Once a probate real estate agent has listed the estate and successfully sold the estate, Montgomery County Ohio Probate Court will then split the proceeds from the estate sale among the beneficiaries. Both the state of Ohio and Montgomery County Probate Court require that you follow the strict sales procedures laid out in the Ohio Statute of Descent and Distribution.
If the decedents home or property is located in Greene County Ohio, Preble County Ohio, or Warren County Ohio the Probate process is similar to what was explained here concerning Montgomery County. If you have any further questions concerning the probate process in Dayton, Ohio or you would like to list a probate property for sale, please give us a call at (937)-490-9743. If you would like to sell your home fast, we would also be interested in speaking to you as we buy houses cash. We are one of a few Dayton real estate companies that buy houses for cash.
How Do I Sell an Inherited Home or Piece of Real Estate Property During The Probate Process?
- Get the intended home or piece of real estate property appraised by an independent, licensed and certified real estate appraiser. You can find a licensed real estate appraiser by performing an online search, contacting a real estate attorney for recommendations, or by using one of our recommended real estate appraisers.
- As provided in the Independent Administration of Estates Act (IAEA), the executor or administrator determines the list price of the home or piece of real estate property. The final asking price (list price) of the home or property takes into account the certified real estate appraisal and is usually determined with the assistance of a licensed real estate agent experienced in probate and trust sales. The probate property or home is then listed for sale on the (DABR) Dayton Area Board of Realtors website through one of our probate real estate agents.
- Accept an offer to purchase real estate from the buyer. At this stage, your real estate agent will inform the buyer of the “sale conditions,” which are “The sale of probate property is conditional on Montgomery County Probate Court’s confirmation or approval.”
- The real estate attorney or probate attorney representing the estate will now petition Montgomery County Probate Court for a hearing confirming the sale of real property. Here in Montgomery County Ohio, the wait before a court hearing varies depending on the current court docket. Most probate court hearings in Dayton, Ohio take place within 20 to 45 calendar days.
- Even after the attorney has petitioned the court, the real estate agent representing the estate will continue to advertise the home or real estate property to potential buyers in hopes of receiving a higher bid “over-bidder” which will then raise the sales price.
- At the time of the court confirmation hearing, the formerly accepted bid may be overbid by another interested buyer. If this were to happen, the overbidding party must appear at the Montgomery County Court hearing with a cashier’s check (no personal checks accepted!) in an amount totaling at least 10% of the minimum overbid price in order to successfully overbid. The minimum overbid is determined by the following formula: 10% of the first $10,000 plus 5% of the balance of the accepted offer to purchase.
EXAMPLE: A piece of probate property is listed at $100,000. The accepted offer is $75,000.
The minimum overbid is calculated as follows:
Accepted offer = $75,000
+.10 x $10,000 = $1,000
+ .05 x $65,000 = $3,250
Minimum overbid = $79,250
.10 x $79,250 = $7,925 amount of the cashier’s check
If there happens to be multiple overbidders, the highest bid will ‘win.’ The winning bidder will then present an earnest money check to the Administrator/Executor and escrow is opened. The closing process will take place approximately 30 to 45 days from the court confirmation hearing.