Real Estate Property Lawyers and Probate
Frequently when the Seller is a surviving spouse of jointly owned property or a tenant in common, or one with a life use that has passed away – an ownership interest in real property – I am assured that the Seller’s have addressed everything necessary with the Probate Court to transfer ownership. In the great majority of cases, however, Seller’s have not addressed the Estate Tax Lien Release needed to close and the parties scramble at the last minute to obtain this Release.
Effective January 1, 2015, the Probate Court Fee must also be paid and a release issued (or a Secured Indemnity Agreement entered into) to close in these circumstances. Presented below is an update in this regard from CATIC. Please give this a thorough reading…
Bottom line, if the transfer is coming from an Estate, a surviving Joint Owner or the fiduciary of a Tenant in Common, or where there was a life use in the property, please recommend to such Seller(s) that they contact their attorney early in the process. Much of the time these issues can be addressed without holding up the closing – if attorneys get involved early…
For more information see image;
Jeff