Thursday, February 12, 2015

I want to sell the condo of my inherited condo

When I took that listing I thought that is an easy task. The market is good, the location is excellent and close to the beach. The unit is in good condition. Let’s move and we hoped to get the transaction closed within 30 days.

The public records of the property didn’t show any information that should rise a red flag. However, during the title examination we found out that the probate at the time of death of my customer’s father who was the former owner of the unit was not properly done. The father of my customer deceased in New York and the probate was done at the court in New York. During this probate proceedings my customer got papers that stated that she was the owner of the unit and she thought everything was okay.

Sadly the attorney who had done the probate case in New York forgot to file the probate case also in Florida. Because of this attorney’s mistake my customer had to retain a second probate attorney in Florida who did the missing filings. Such additional filings are a costly factor in a real estate transaction.

To prevent such a costly issue you should already at the purchase time decide if personal ownership is the best choice for you. There are better options to protect you of such a probate situation. To find out the best options for your specific situation the advice of a real estate attorney is the best protection.

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