Results 1 to 3 of 3
  1. #1
    Join Date
    Dec 2012
    Posts
    121

    Question Selling a House While in Probate

    My question involves estate proceedings in the state of: NJ

    I posted late November - early December in regards to administrating the estate of my brother. Things are moving along after that initial overwhelming feeling & as I take it piece by piece things are falling into place. I know i'm getting ahead of myself but need input on the following. My older brother & myself are the only beneficiaries of the estate as we are the next of kin. My older brother is interested in buying the house in probate which is ok with me. The home equity loan has 30k due that the estate will pay in full. My question is, at what point can my brother purchase the house & move in. Tax waivers are required from NJ taxation & will be sent after the estate tax return is processed & approved, and receiving the waivers can take up to 6 months.
    I never had this situation in previous administrating & want to do it properly. If the HELOC gets paid off, is the house title clear to sell/purchase before receiving the tax waiver? If not, can he still move in & "rent" the house from the estate in the interim? Any advice is appreciated & also let me know if i'm overlooking anything or doing anything incorrectly. Even though he's my brother, I have to do things in a proper manner.

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Selling a House While in Probate

    Should be simple. House is appraised. Taxes paid. Heloc determined to be assumable by bro or not. If it is, he assumes 50% of equity and Heloc you get 50% of equity. If not assumable it is paid off and equity left is divided by 2. He pays you your part and must finance the rest of purchase if he does not have it.

  3. #3
    Join Date
    Dec 2012
    Posts
    121

    Default Re: Selling a House While in Probate

    The finance part I understand, i'm not certain what can or can't be done without a tax waiver and or while the house is in probate.

    1. Sponsored Links
       

Similar Threads

  1. Disability Benefits: Selling Our House and Putting the Equity into a New House
    By Twinmomma in forum Social Security Law
    Replies: 5
    Last Post: 07-11-2013, 09:44 PM
  2. Probate Court Procedure: Selling Automobile of Estate During Probate
    By recycbride in forum Estate Planning, Administration and Probate
    Replies: 2
    Last Post: 05-04-2013, 02:35 PM
  3. Probate Court Procedure: Do I Need to Refinance the House After I Probate
    By tony321 in forum Estate Planning, Administration and Probate
    Replies: 2
    Last Post: 08-03-2012, 02:48 PM
  4. Selling Property During Probate
    By pip in forum Estate Planning, Administration and Probate
    Replies: 1
    Last Post: 03-18-2011, 08:18 AM
  5. House Not Included in Probate Proceedings
    By jeannette in forum Estate Planning, Administration and Probate
    Replies: 1
    Last Post: 05-11-2010, 08:03 AM
 
 
Sponsored Links

Legal Help, Information and Resources