What is a deceased estate?
A deceased estate simply describes a property which is being sold where the owner of the property died before the sale of the property. There is a specific process for the conveyancing of a deceased estate. There is a perception in the market that deceased estates can be bought for less money than a similar property where the people moved out. This is may be because there is an assumption that the property was not looked after or that the sale is being made without a the vendor being a position to dictate to buyers what price they will buy at and what conditions will be placed upon the sale. Deceased estates also tend to be older properties which have not been on the market for a long time which is why some people believe that it is possible to snap up a bargain.
In any case, the process for selling a deceased estate is the the executor of the estate of the deceased person acts as the vendor and is supposed to act in the best interests of the beneficiaries of the estate. This is why it can be slightly flawed thinking to assume that a good price will result from a the purchase of a deceased estate. If you are the executor of a deceased estate then you have a number of obligations to ensure that the estate is administered in accordance with the law. You need to account for all of the assets and liabilities of the estate and in many cases, a person’s largest asset is their house. An executor needs to pay all of the debts of the estate and then distribute the remainder of the estate to the rightful beneficiaries. The executor must also defend the estate in litigation and instruct solicitors, or seek other professional advice where it is necessary.
If you have a question or an enquiry about a deceased estate, we would be more than happy to help you. Naturally, we understand that these matters can be sensitive and difficult to talk about openly and we endeavour to take into account your feelings on these topics when handling these matters. Please do not hesitate to contact us about the matter.
