Can you transfer real estate without probate?
The municipal Land Registry system does require that a transfer of property have completed probate before closing. If the probate has not been completed before listing the property for sale, it is possible to enter an agreement of purchase and sale for a property. However, the deal cannot close until the probate is completed. In such a case, the agreement of purchase and sale would have a condition stating that the property can only close once the probate is completed.
There is an exception to the above in the province of Ontario: First Dealings, if the owner were deceased and the property had last sold/completed transaction in the previous system called Land Titles. In other words, the property had not transferred titled or sold in the newer Land Registry system then the probate necessity does not apply. The reason being that the previous Land Titles system did not require probate.
Why would probate be delayed or not completed?
The most straightforward answer would be that a party is contesting the estate. Until this matter is resolved, the probate cannot be completed.
Can a house stay in a deceased person’s name?
Typically the house is transferred to a spouse (if they exist) or to another person on title, or that portion share of the title is sold as per the will and estate. It is also common for the title to be transferred to a Power of Attorney (POA), Estate of (Deceased) or a Trust. These such cases are typical should the family wish to live in the home, or the property is to be rented or retained for investment purposes.
There are myriad considerations to take into effect. A real estate lawyer is an essential step, and we can suggest excellent lawyers should you wish to inquire more deeply into the topic.
has been completed before the sale to better ensure a smooth process for all interested parties of the home sale.
