Probate is the formal court process by which property of a deceased individual is administered. In many states, this procedure is the norm rather than an exception. However, in certain circumstances you may be able to avoid probate by “guarding your home”. In such cases you or your partner transfer all property and assets to another party who will act as primary caretaker in case of death. If you’re considering selling your house for cash, this link may be helpful: https://www.as-ishomebuyer.com/.
Here are ways house buying companies can assist with this process:
Utilizing a House Buying Company When Purchasing Property
Did you know that property deeds aren’t actually the true owners of the property? They are listed in public records at any county courthouse. Probate does not need to be done when real property transfers between people at fair market values; however, transfers between individuals who aren’t listed on the deed can still occur and without probate if done properly. When using a house buying company to complete your transfer for you, only you or your partner will appear as its owner in public records.
Utilizing a House Buying Company When Selling Your Home
If you plan to sell your home in an upcoming real estate market, your house buying company can offer up to 10 day escrow services. This way, they hold onto the property while waiting for its sale; thus avoiding having to list it before desired or under unfavorable circumstances. Once sold, any proceeds generated by the sale of your house will be deposited into an account controlled by the buying company.
Divorcing With a House Buying Company
Imagine you’re a single woman who has lived in the same house with your husband for 50 years. One morning he wakes up and declares his intention to move out, filing for divorce and taking possession of another property. This could create an uncomfortable situation for both of you if the home isn’t listed on title.
Avoiding Probate When You Pass Away
If you and your husband own property together, even if his name isn’t on the title, he is considered the owner even if not named on it. Therefore, your house must be probated upon your passing since it becomes an asset of both of you. To avoid this hassle, consider using a home buying company or private home exchange program as alternatives to probate court.