Do you have questions about selling a home or real estate in a Minnesota Probate? Read on for answers.
Selling a Home or Real Estate in a Minnesota Probate
This post will examine a number of issues and problems which may arise from the sale of real estate by a personal representative and their attorney. There are special circumstances surrounding the management, sale, and distribution of real estate in a Minnesota probate. At times, the sale or real estate in a probate can be tricky.
Powers of a Personal Representative to Sell Real Property
To begin, it is important to keep in mind that Minnesota law provides detailed guidance on the sale of a home or other real property in a probate. Specifically, Minnesota statutes provide the personal representative of an estate broad powers over real estate. The applicable statutes are in section 524.3-715. Some of the most important powers include:
- the power to gather and invest the real estate
- the power to make any necessary repairs to the real estate
- the power to subdivide and develop real estate
- the power to sells, mortgage, or lease the real estate
- the power to execute deeds and other documents of conveyance
Finally, a personal representative can enter a lease which may exceed the anticipated length of the probate estate. Clearly, Minnesota law grants a personal representative extensive powers over Minnesota real estate in a probate estate.
Management of the Real Estate
If a deceased person had an interest in a home or other real estate – be it in Minnesota or elsewhere – a personal representative must think about many issues when the probate begins.
A personal representative, and their attorney, should be concerned about proper liability and/or casualty insurance on the property. Obviously, it is extremely important that a home or other real estate is insured. Often the insurance on a home may lapse at death. Or, there may be contractual obligations which must be taken care of quickly upon death. One simple example is the failure to make premium payments which often results in a lapse of insurance coverage.
Another concern of the estate will be the mortgage on the home or other security agreement. Obviously, if the real estate has a mortgage on it, the personal representative needs to be concerned about how it will be paid so that it does not go into foreclosure. Furthermore, many companies are concerned about vacant properties and what to do about them. Much like a mortgage on a parcel of real property, the personal representative should be concerned about property taxes and other costs like leases .
If you or someone you know has questions about selling a home or real estate in a Minnesota probate, please contact Joseph M. Flanders at Flanders Law Firm LLC.
Free Initial Consultations
Questions about first time personal representative duties? Contact the Flanders Law Firm today. The firm offers free consultations to all potential clients and Dakota County probates. Call (612) 424-0398.
