A comprehensive property profile is essential for establishing the selling price of the estate home. A property profile will also identify problems that may impede the sale of the property.
At Bay Property Group, one of the first tasks we conduct when selling probate, trust and inherited properties is prepare a thorough property profile that includes details on your specific property.
Square footage, number of beds and baths, zoning information, lot size, tax information and ownership information are some of the data points included in the property profile, along with just about everything a potential buyer may want to ask about the estate home itself and the neighborhood it belongs to. Sales comparables, information on the local school district and other local snapshots are commonly included.
Most importantly, a property file will ascertain the financial and ownership status of a property.
With a property profile compiled by Bay Property Group, you can determine three things.
Who the legal owner of the property is and whether they have right to sell the property.
The loans and liens that exist on the property, which may interfere with the sale.
Restrictions, if any, related to the use of the land.
There have been some instances when the administrator of the estate is sure that the property is in the name of the deceased, only to find out that before they died, the deceased transferred the property to someone else.
In other cases, there may be loans on the property that you don’t know about. These encumbrances can come in many forms, be it mortgages, unpaid taxes and mechanic liens. A mechanic lien is a legal process to ensure a contractor gets paid for their services and these loans and liens must be paid before title can be transferred.
Unsuspecting sellers can also encounter restrictions on the land such as an easement that is a right to use the real property of another without possessing it (utility poles, shared driveways, fences, access ways and the like). A “real covenant” can also be a restriction when the owner of the property has promised to do something with the land such as build a gate, or refrain from doing something. When the property is sold, these covenants can remain enforceable.
The entire value to a property profile, then, is to anticipate and forestall the many potential problems that can put a kink in the sale of your loved one’s property. At Bay Property Group, we are dedicated to a seamless sale of your probate, trust or inherited property and will provide a property profile with no obligation. Call us at 510-798-0068.
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Bay Property Group consists of experts in probate, trust and inherited property sales. We also offer a variety of important and time saving services to give you, your family and professionals peace of mind.
Written by Lewis Canyon
A native of San Francisco, Lewis Canyon’s roots run deep in the community. With a background in clinical psychology, his animating principle is helping others build lives through every means at his disposal. An award-winning REALTOR®, Lewis was licenced in 2003 and is an expert in complicated probate real estate transactions. Email Lewis for guidance in settling the estate in the most efficient manner.
Don’t go it alone.
Settling your loved ones estate can be daunting. As the executor or administrator, you will inevitably encounter many curve balls, unexpected details that demand your time and attention. The estate and its assets can quickly become unmanageable with many variables and unanswered questions.
Fortunately, you can count on our professionals to navigate this process. We are the Bay area’s leading authority on probate, trust and inherited property sales. Call us at 510-798-0068 or fill out the form below for straightforward and compassionate solutions.