Dealing with the loss of a loved one is hard enough without the added complexity of figuring out what happens to their property. If you’ve recently lost a family member who owned a home in Edmonton or the surrounding area, you’re likely navigating the probate process, and you may have a lot of questions.
This post is designed to give you a plain-language overview of how probate works in Alberta and what your options are when it comes to the property.
What Is Probate?
Probate is the legal process of validating a deceased person’s will and authorizing the executor to administer the estate. In Alberta, probate is granted by the Court of King’s Bench, and it gives the executor the legal authority to deal with the deceased’s assets, including real estate.
Not all estates require probate, but if real estate is involved and there is no joint tenancy arrangement, probate is almost always required before the property can be sold or transferred.
How Long Does Probate Take in Alberta?
This varies depending on the complexity of the estate and the court’s current workload, but in Alberta, probate can take anywhere from a few weeks to several months. If the will is contested or the estate is particularly complex, it can take longer. During this time, the property cannot be sold without court authorization, although it can and should be maintained.
Who Is Responsible for the Property During Probate?
The executor named in the will is responsible for managing the estate’s assets during probate, including the property. This means keeping up with mortgage payments if applicable, maintaining insurance, paying property taxes, and ensuring the property is secure.
If the estate doesn’t have liquid funds to cover these costs, it can create real financial pressure on the executor, particularly if they’re covering expenses out of pocket while waiting for probate to complete.
What Are Your Options Once Probate Is Granted?
Once you have probate, you can move forward with the property in several ways. You can sell it on the open market through a real estate agent, transfer it to a beneficiary, rent it out, or sell it directly to a cash buyer.
For families who want to settle the estate quickly and avoid the ongoing costs and responsibilities of holding the property, selling to an investor is often the most efficient option. There are no showings, no repairs, and no lengthy conditions, just a clean, straightforward sale on a timeline that works for the estate.
We Work Sensitively With Families in These Situations
At FairKey Home Buyers, we understand that selling an inherited property is never just a financial transaction. We work respectfully and patiently with families navigating estate sales, and we’re happy to answer questions at no cost or obligation.
Give us a call at 587-401-2627 or reach out through our website whenever you’re ready.