LinksS. F. Marsalek, EsqBereavement Guide Maryland Estate Maryland Law |
The personal representative's Role in Real Estate Management & SaleOur homes represent, for most people, the bulk of the estate when we die. So it is very important to ensure that this part of the estate is managed effectively.Although few people realize it, title to all Real Estate owned by the deceased passes, for the duration of the probate and estate settlement procees, to the Personal Representative. As a part of his or her duties and responsibilities, the personal representative must maintain the Real Estate, and, if necessary, arrange for its sale. In today''s market, this may mean putting the home into the hands of an experienced Realtor as quickly as possible. An unfortunate aspect of today's Real Estate market is that many properties are mortgaged for more than they will fetch on the open market. Should this be the case, it is essential that the services of a Realtor with experience in "Short Sales" be enlisted, since the process involves extensive paperwork and negotiation with lenders. While homeowners today understand that the real estate market has changed dramatically over the past few years, few understand how serious the changes have been. For this reason it is important to work with a Realtor who understands both your duties as the representative of the estate, and the balance between settling the estate in a timely manner, and realizing the best price for the property. Our associates at EstateLink LLC not only have outstanding reputations in the Real Estate market, but are experienced in dealing with short sale situations and reverse mortgages. |