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What is real estate probate?

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Quick Answer

A real estate probate occurs when the owner of a property dies without preparing a will or designating the property to an heir. When this occurs, the property falls under the administration of the state. The state is then responsible for arranging the sale of the property.

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Full Answer

In a real estate probate scenario, the state and its courts aims to sell the property at the best possible price on the market. The state typically markets the property through normal channels and works through local real estate agents. Real estates that are probated generally are sold at a lower price compared to similar properties on the market.

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