What Is An Executors Role Selling A House That’s In Oklahoma Probate

The executors role selling a house is strictly guided by Oklahoma probate law. When someone appoints you as an executor of a will, you will face many responsibilities. Among those might be selling a house. This can be challenging and confusing, especially if it’s your first time handling an estate’s affairs. To help guide you in this process, we have compiled some key points you need to know.

Executors Role In Selling A House Is Statutory

Oklahoma Probate Code outlines the role of an executor. The executor, also known as a personal representative, has a fiduciary duty to handle the affairs of the deceased individual’s estate. The executor is in charge of marshalling the assets of the estate and and reporting them to the probate judge. Included in this probate process is preparing an inventory including everything owned by the decedent. They have a requirement to pay off any debts and taxes, as well as distributing the remaining assets according to the will.

Determining The Need To Sell The House

One of your key responsibilities will be to review the will and determine if the house needs to sell. Sometimes, the will explicitly states that the house must be sold. This allows the division of the proceeds which goes to the heirs. In other cases, the will might leave the house to a specific individual, making it unnecessary to sell. Still other circumstances may not involve a will at all but rather must distribute the house to the heirs depending on their statutory share. The executors role selling the house requires them to proceed in a way that provides the most benefit to the estate.

The Probate Process In Oklahoma

In most cases, you will need to go through the probate process before you can sell the house. This includes those cases both where there is a valid will or where there is no will. In the case where a will exists the probate judge must determine if the will is in fact valid. It is the Judges role is to make sure that the will is followed as the decedent intended. In the event of no will probate is also required. This process involves distributing assets to the heirs of the deceased person per administration.

In addition to distributing property of the estate the executor is in charge of providing notice to creditors of the deceased person. This is done in a very specific way and each claim must be made within a very tight window. If the executor feels that the claim is unwarranted or the claim is outside of the statutory time they must deny the claim.

Getting A Real Estate Appraisal

Before selling the house, you’ll want to have it appraised. An appraisal provides a fair market value for the home, helping you ensure that the estate receives the appropriate amount of money from the sale. There are some circumstances where a family member wants to buy the house for themselves. In this case the family is allowed to make a family agreement. Family agreements are always are always a preference of the probate court. In the event an agreement is not reached the executor can use the appraisal to value and sell the property to a family member.

Listing The House For Sale

Once you have an idea of the home’s value, it’s time to list it for sale. It is often wise to enlist the help of a real estate agent, especially one who has experience selling homes as part of an estate. They can provide guidance on setting a competitive price and marketing the house effectively. Before the house can actually be sold the Judge must approve the sale and its consents and issue an order under section 239 of the Oklahoma probate code.

Paying Off Any Debts

After selling the house, you’ll need to use the proceeds to pay off any remaining debts the estate has, such as mortgages, property taxes, or personal debts that the deceased had. This is in accordance with the Oklahoma law, which ranks mortgage payments and property tax among the top priority payments.

Distributing The Remaining Funds

Once all the debts are paid, the remaining funds from the sale can be distributed to the heirs according to the will. If there’s no will, the Oklahoma intestacy laws will dictate who receives the proceeds. This distribution is done in the final accounting. At the final accounting the Judge reviews all the assets and liability of the estate and orders a final distribution.

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Estate Planning and Probate Near You

An executors role selling a house in probate can be a daunting task. However, you’re not alone in this process. Professionals, including estate planning attorneys and real estate agents, can guide you every step of the way.

If you find yourself in the position of an executor tasked with selling a house we can help. Our Tulsa probate lawyers navigate the legal intricacies of your role and ensure that the estate is handled correctly and efficiently. Call Kania Law Office at (918) 743-2233 or contact us online today for more guidance on your role as an executor selling a house in Oklahoma.