March 25th, 2024 | Selling
How to Sell a Loved One’s Home on Their Behalf
Whether you are listing on behalf of someone who has passed, is ill, or merely requires assistance with the process, selling a loved one’s home entails innumerable complexities. Therefore, before venturing toward the market, it is critical to consider the specific intricacies that may arise as a result of your circumstances.
This article is designed to be an introductory resource on selling a loved one’s home. We will cover a selection of essential considerations regarding legal permissions, emotional factors, communication, and some of the more pragmatic facets of selling a home.
Selling Someone Else’s Home: First Steps
Selling a loved one’s home entails a myriad of nuanced complications. These variables are widely encompassing, involving legal and regulatory facets to emotional and personal variables as well. In order to navigate this process seamlessly with minimal disruptions or confusion, it is best to partner with a well-regarded real estate agent who has direct experience in these types of transactions.
Consequently, the initial step in your selling process should be to identify and hire the right professional support. Beyond assisting you in deciphering the intricacies of selling on behalf of someone else, a top-performing agent will ensure the sale yields a high return in a short period of time.
Approaching a home sale under transitional or uncertain circumstances? Consider these supportive resources from our blog.
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Power of Attorney Vs. Probate
Depending on your personal circumstances, you may be required to make legal decisions for or in place of the person whose home you are selling. Under Ontario law, there are various processes that must be followed before you are granted the right to make binding actions on behalf of someone else – even if they have passed away.
If the Homeowner Has Passed Away
One of the more common instances where someone is tasked with selling a loved one’s home is death. Formally, the collective belongings of an individual who has passed away are referred to as the estate. While the exact constituents will vary, an estate often includes a broad scope of assets ranging from small keepsakes to larger holdings such as fine art, vehicles, or real estate.
Through a legal lens, the management of a deceased person’s estate, including the distribution of belongings, may only be performed by one person – known as the executor or trustee. Therefore, if you are selling for someone who has passed away, you will be required to follow Ontario’s probate process to receive the designation of executor.
If the Homeowner is Unable to Act on Their Own
In certain instances, a homeowner who is still alive may be unable to sell their own home due to adverse circumstances. Therefore, they must obtain assistance from a loved one or a professional support person in order to ensure the sale can be completed.
If you are selling the property of someone who is unable to undertake the process in a formal capacity, you will require the Power of Attorney. Power of Attorney is a special designation that allows an individual to make binding decisions in place of another person. It is not just used for real estate transactions but also for situations such as medical care, financial management, and beyond.
If you are simply providing moral or emotional support for someone selling their home, you may not be required to follow these legal processes, however, they are important to be mindful of in advance of the market.
Searching for more resources pertaining to family and real estate? You may find these articles helpful.
Remote Selling Considerations
A particular intricacy that may arise in the process of selling a loved one’s property is distance. For example, it is relatively common for an individual or group of siblings to be tasked with the sale of an out-of-town or out-of-province parent’s home after they have passed away. At initial consideration, selling a home remotely may be anxiety-inducing, however, by parenting with the right real estate agent, the process can occur with limited hassle in actuality.
If you will be selling a loved one’s home and do not live in their market, you should elect to work with an agent who is local to that area as opposed to near you. Be sure to directly inquire about remote selling services as you interview and vet potential agents.
Seeking a seamless and personalized property sale? As distinguished leaders in luxury Toronto real estate, Armin Group can help. Send us an email, or call our team at 416.960.9995 to begin your journey.
