Selling a Home after the Death of a Loved One, JurisQ Webinar with Attorney Irina Yadgarova and RE Broker Olga Zakinova
August 5, 2022
JurisQ.com invited two important guests to his podcast to discuss legal and practical ramifications of how to deal with a deceased person’s property.
Guests, Irina Yadgarova, an experienced elder and probate law attorney, and Olga Zakinova, a prolific real estate associate broker with Douglas Elliman, a premier Real Estate firm, offered insights and advice that is invaluable for any person who owns real estate .
Michael started the interview with the frequently asked quandary: is it necessary to sell the house of a deceased person? Expert attorney Irina responded to the question by saying -
“In certain instances where the will or the trust instrument says that you must sell the house to the executor or the trustee, in those limited instances, the property must be sold within the specified time frame.”
While in other cases, Irina explained that there is no immediate need to sell; you can live on the property, share the inheritance by mutual agreement with the other beneficiaries, or rent it out with no time restrictions to sell.
Michael then posed the next question of what happens when there is a mortgage on the property? Irina explained that federal law [ the Garn-St Germain Act] allows the person who is inheriting the property by will, intestacy or other device to assume the mortgage.
On the real estate front, if the inheritors want to sell the house, Olga Zakinova, a popular real estate broker in Queens and Long Island associated with Douglas Elliman, said the duty is on the part of the broker to complete the sale and ensure a smooth, swift transaction.
From managing the decluttering the house of all content, including the little “chachkes,” to capturing appealing pictures of the home, which are tasks usually performed by third-party companies, and staging the house for sale - all is coordinated with the help of competent real estate brokers.
The podcast continued with Olga imparting knowledge of the Knight Frank International Network, which is also associated in business with Douglas Elliman.
Olga Zakinova also chimed in on how real estate brokers, like herself, facilitate the sale of a home that is in an estate by navigating the conflicting interests of the parties involved – relatives or children of the deceased to bring the sale to a successful conclusion –
“It’s an emotional rollercoaster ride that we go through, where we need to keep it under control, not get emotional about it. Keep in touch with the attorneys, making sure that everything gets properly coordinated, and really keep the client's emotions stable rather than to react to the emotions. Stay focused on the goal – to sell the house!”
Michael also talked about the practical aspects of the probate process with both guests, to which they replied with factors that can affect the process, and that it can take anywhere between 6 months to a year, or much longer where there are complicating issues, for the process to be completed.
Further in the conversation discussing the complexities that may occur in the process of probate, Irina explained to the viewers that having a trust own the properties, as well as jointly owned properties, eliminate the process of probate entirely. Irina noted the importance of planning ahead for all individuals who own real estate so that the lengthy and expensive mess left behind of heirs (an all too common phenomenon) can be avoided.
Many more questions such as how much the attorney and executor gets paid for probate, taxes, and who should store the will were also discussed during this amazing interview.
If you want to learn more about how to face challenging situations relating to this topic, you can find the link to the podcast here: https://jurisq.com/selling-a-home-after-death-of-a-loved-one-practical-and-legal-ramifications/
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Selling a Home after Death of a Loved One – Practical and Legal Ramifications