For Sellers:

If you just inherited property in Florida and you’re looking to sell it, make sure your ducks are all in a row. You can’t sell the property you don’t legally own!

We frequently get calls from real estate agents wanting to know how long probate in Florida will take. The answer is invariably, “it depends.” Don’t assume your realtor knows anything about probate. Realtors know plenty about real estate, but many of them don’t understand probate. Technically, a real estate listing agreement probably isn’t even binding until you have actually inherited the property through probate administration.

If the property will go through a formal real estate closing and title insurance will be issued, probate is undoubtedly going to be required by the title company! This can be a deal breaker for a potential buyer if it is not addressed early!

On the other hand, if you plan on signing over a quit claim deed, the buyer will eventually discover the probate problems – a headache you do not want to deal with long after you’ve “closed” the deal.

For Buyers:

If you suspect that the seller is liquidating an estate, ALWAYS inquire if the property is in probate administration or if it has been through probate! If the answer is “yes” it should be quite simple to confirm in the county clerk’s official records.

Furthermore, unless the seller is a surviving spouse, it is typically not enough to simply record a death certificate to “clear” title to the property!

Lately, it’s been for clients who are trying to refinance on the house mom or dad left to them.

Once you “lock in” that interest rate, you’ve got X number of days to close the loan, correct? Well, if the real estate attorney, title insurance agent or title company gets to it soon enough, you might find that you need to probate the house first!

Important things to know:

1. Before you go to refinance or even sell, get the probate out of the way.
2. Probate judges don’t expedite probate cases just because you’re trying to get that 4.9% interest deal of the century. Nope, doesn’t matter how bad you really need the money.
3. Probate in Florida, even summary administration, can take a month or two. In complicated cases, maybe even 6 months!
4. Even if you’re just probating mom’s house, it’s not necessarily simple. Don’t assume it’s simple.
5. Get organized. Collect the death certificates, Wills, last recorded deeds and make sure all the beneficiaries are on board.
6. If there’s no Will, ALL of the beneficiaries need to be accounted for. Yes, all of them.
7. If you’re trying to sell the property, make sure you’ve got probate in order before you sign any purchase/sales agreements. If you’re refinancing, make sure your mortgage broker or banker knows you may have to probate the property.

Just a few good tips to get your ducks in a row. PROBATE COMES FIRST!