Is it possible to transfer real estate out of a probate estate before the estate is closed? If so, how is that done?
Is it possible to transfer real estate out of a probate estate before the estate is closed? If so, how is that done?
It's commonly done. It's not unusual for an estate to sell real property or other assets as probate proceedings continue, then to apply the proceeds to the estate's debts and to distribute any remaining assets to the heirs.
If the goal is to transfer the property to one or more heirs before the estate closes, then the administrator can bring a motion before the court seeking permission to transfer the property out of the estate. The court will want to be sure that the estate will retain sufficient assets to cover its costs and liabilities.
If the court cannot be convinced that the estate will have sufficient assets to cover its debts, the administrator can petition to sell the property to the desired recipient, for fair market value, or may petition to sell the property and allowing the heir to make an offer along with other interested prospective buyers. If the court approves the plan and the heir buys the property, the value of the estate will not be changed.