Tuesday, September 24, 2013

Similar But Not The Same

Jill has been appointed independent executor of her father’s estate.  She has negotiated the price on a contract for the sale of his home.  Next, she needs to have the contract reviewed by the Estate’s attorney, as would any other seller of a home. 

Selling the home from her father’s estate turned out to be very like selling her own home last year.  Jill had to wait until her buyer’s financing was in place and then wait for closing.  Before closing, she had to take all remaining personal items out of the home, so that the buyers move into an empty place to give them a fresh start. 

But she did not have to fill out a “Seller Disclosure Report” to provide to the buyer, because the Illinois law that requires that report exempts Estates from providing one.

At closing, she did notice some differences.  For example, she saw that the legal documents prepared by her attorney were a bit different.  Jill signed an Executor’s Deed at closing to transfer ownership to the buyers.  At her own closing, she had signed a Warranty Deed. 

And she also noticed that her attorney had discussed the probate and provided a certified copy of the “Letters of Office” issued by the court to the title company. 

 For advice about proper after-death legal procedures, either with or without probate, please call our office at (815) 436-1996 for an appointment. 

©2013 Gruber Law Office, Ltd.


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