The Executor(s) of an Estate are tasked with some very important obligations on behalf of the estate, during what is a very emotional time for those involved. An Estate that involves real estate, typically a principal residence is best approached with the support of a real estate professional. The real estate can represent a significant component of the estates value and maximizing that value is important to all involved.

What is Probate?

A key question that will be asked by a real estate professional in relationship to the sale of real estate as part of an estate is; “Has Probate been granted?”. What does that truly mean:

• Probate is actually now called ” a certificate of appointment of estate trustee with a will”  or in the case of no will the “with a will portion” is changed to “without a will” at the end. It essentially grants the executor(s) the right to be the deceased person’s personal representative,  to carry out their wishes as stated in the will.
• The Certificate of Appointment may take weeks to get from the court, this can present factors related to potential changes in real estate markets for timing of a sale.

Do You Have To Wait For Probate Before You Sell A Property?

The answer to this question is both yes and no.  Consider this:

• The Land Titles Office will not accept a title transfer of an estate without a court certified certificate of appointment, so this document is key to allowing an estate sale to close.

So Yes you must have the Certificate of Appointment before a sale can be completed, however the Agreement for Purchase and Sale can contain a clause to protect this requirement, stipulating within that the Sale is Conditional upon the Executor of the Estate being Granted the Certificate of Appointment. We have more specific wording for this and it is recommended that Executor(s) discuss this with the solicitor for the Estate in advance.

How Long Does An Executor Have To Settle The Estate?

This is often referred to as the “Executor’s Year” and is a general rule of thumb that the Executor has typically one year to settle the assets / debts of the estate. There may  be predefined specifics which add to this time period within wills but it is a general rule of thumb to work from.

Executor(s) are responsible to maintain and accounting on behalf of the Estate. We provide a written opinion of value and a full accounting of real estate disbursements on closing to assist the executor(s) with compliance.

Here are some great resources for Executors of Estates:

• Frequently Asked Questions About Estates
• What To Do When Someone Dies

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