The process of selling probate real estate in Oklahoma City is much different than the traditional home sale. A probate sale in Oklahoma City, Oklahoma can be an overwhelming and complicated process for most homeowners. At Premier OKC Home Buyers, we understand the probate process as well as the many unexpected roadblocks that get in the way of selling your probate property.
Premier OKC Home Buyers is here to help! With the right knowledge, tools, and support, we can help you sell your probate house fast while alleviating much of the unneeded stress on you and your family.
The following article is for research purposes only and is not intended to be legal advice. The laws pertaining to probate in Oklahoma and the Oklahoma City area are always changing. You should always consult an experienced probate attorney before taking any action.
What is Probate?
Probate is a legal process responsible for managing a person’s estate after their death. In many cases, there will be a last will and testament as well as an appointed heir. First, the probate court will work to prove that the will is legally valid. Once validated, the probate court will execute the instructions stated in the will and pay applicable taxes in Oklahoma. If there is no last will and testament or appointed heir, the probate court will rely on the Oklahoma intestate law to decide how to distribute the estate. Typically, the estate is turned over to the courts and the closest relative is appointed the executor.
When Can I Sell a Oklahoma City House in Probate?
The good news is you do not have to wait for probate to be finalized in order to sell your house. You can sell your Oklahoma City house as soon as the probate court appoints an executor. Once an executor is appointed, you can sell your probate house in as fast as 7-10 days to Premier OKC Home Buyers. Our process is quick, easy, and frustration free. Contact us or request a cash offer online when you’re ready.
How Does the Probate Process Work?
The usual probate process can vary depending on the situation. But in most cases, it will look like this:
1 – Find a Probate Attorney
The first step is to hire an experienced probate attorney to represent you through probate. It’s important to have support throughout the probate process. Your attorney will file documents with the court, help collect any money obtained from life insurance, problem solve on income tax issues, and more. They will also be your general advisor throughout the entire probate process.
2 – File a Petition and Start the Probate Process
Next, your probate attorney will file a petition with the Oklahoma City courts. Keep in mind that you must file a petition with a court office local to where the deceased person lived. You will also need to notify all heirs and beneficiaries listed in the will to let them know you’re petitioning to begin probate. They have a right to present their objections if they have any.
3 – Take Inventory of the Estate
Now it’s time for the tough part. You and your family are dealing with the loss of a loved one. Going through and taking inventory of a loved one’s assets can be an emotionally draining process for just about anyone. You’ll need to take inventory of all the assets, estate planning documents, and debt. Be sure to check with your probate attorney before taking inventory. They will give you details regarding Oklahoma state laws to make sure you’re collecting the proper documentation and reporting it correctly.
4 – Notify Known Creditors
As part of the inventory process, you’ll be taking note of all legitimate debt owed to known creditors. It’s your responsibility to notify anyone and everyone the deceased person owes money to, such as credit card companies or banks. You’ll need to pay the creditors with money from the estate.
5 – File Income Tax
Next, you’ll need to file income tax returns on behalf of the deceased. This includes both federal and Oklahoma tax, if applicable. You will also need to pay inheritance taxes as well.
6 – Assets Transferred to Beneficiaries
Once inventory is done and all bills, taxes, and creditors have been paid, your probate attorney will petition the court to legally transfer all assets to beneficiaries of the Oklahoma City estate.
How Long Does Probate Take in Oklahoma City?
The length of probate can vary depending on whether or not the deceased had a last will and testament. If there is a will, the probate process will usually move very fast through the Oklahoma City courts. All details have already been planned by the deceased and assets have been assigned to beneficiaries.
The length or probate will also depend on Oklahoma law, so it’s important that you consult your probate attorney. In the case of a small Oklahoma City estate, the probate process can take anywhere between six months and two years.
Contact Premier OKC Home Buyers at any point during the probate process. We may be able to help speed up the process and buy your Oklahoma City probate house quickly.
Can I Avoid the Probate Process?
You may be able to avoid probate if the deceased person had a revocable living trust. A revocable living trust is a document that covers three phases of your life: while you’re alive and well, if you become mentally incapacitated, and after you die. You also won’t have to worry about selling the Oklahoma City house through probate court. So you’ll be able to avoid many of the legal fees and have a much more flexible timeline.
Ready to Sell a Oklahoma City Area Probate House Fast?
Contact Premier OKC Home Buyers today. We help Oklahoma City area homeowners sell their probate houses fast and get them the cash they need. Start the process online and request a cash offer. We’ll review your request and follow up within one business day. In most cases, we can buy your Oklahoma City area probate property for cash in 7-10 days.