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You should get a property appraisal (some lawyers recommend getting 2) as soon as a loved one dies. If not, at least get brokers’ opinions immediately upon death because you will inherit property at the market value at time of death.
Keep in mind that the cost of an appraisal can be up to $1,000 if you are ordering it by yourself. In contrast, it can be something like $600 if you order it through a bank when buying a home.
Other documents you'll need are the testamentary letter and a certified death certificate. When you don't have a will, then you'll need to get a letters of administration.
Also, remember that to close you'll also need both a federal and a state waiver of lien (assuming the state the estate is located in has a state estate tax), because just testamentary letters aren't enough. Remember that this is an automatic lien, and not something that will show up in a title search, so don't forget this (very similar to the automatic stay that happens when you declare bankruptcy).
The actual document is called the ET-117 NY State waiver of lien. This document basically says the state government is waiving the state lien and you can go ahead and sell the property.
If the property is $1mm or more, you'll also need a federal waiver. If it's less than $1mm, you'll just need an affidavit from the accountant saying it’s valued less than $1mm.
Honestly, you can save a lot of money by not going to court, and not having to file anything, You just have to stuff your assets in a trust before you die. It's very common to see life insurance polices put in a trust.
Keep in mind that the cost of an appraisal can be up to $1,000 if you are ordering it by yourself. In contrast, it can be something like $600 if you order it through a bank when buying a home.
Other documents you'll need are the testamentary letter and a certified death certificate. When you don't have a will, then you'll need to get a letters of administration.
Also, remember that to close you'll also need both a federal and a state waiver of lien (assuming the state the estate is located in has a state estate tax), because just testamentary letters aren't enough. Remember that this is an automatic lien, and not something that will show up in a title search, so don't forget this (very similar to the automatic stay that happens when you declare bankruptcy).
The actual document is called the ET-117 NY State waiver of lien. This document basically says the state government is waiving the state lien and you can go ahead and sell the property.
If the property is $1mm or more, you'll also need a federal waiver. If it's less than $1mm, you'll just need an affidavit from the accountant saying it’s valued less than $1mm.
Honestly, you can save a lot of money by not going to court, and not having to file anything, You just have to stuff your assets in a trust before you die. It's very common to see life insurance polices put in a trust.