Losing a loved one is an incredibly difficult experience, and dealing with the logistics of their estate can feel overwhelming. When a homeowner passes away, there are specific steps that need to be taken to manage their real estate, in Ontario, Canada. Although everyone’s circumstances are unique and professional legal services should be acquired, this guide aims to help you navigate this challenging time with compassion and clarity.
Immediate Steps After the Owner Passes Away
1. Notify Authorities and Secure the Property
After notifying the appropriate authorities, once the property is vacated, ensure it is secure by locking all doors and windows. If necessary, inform trusted neighbours or relatives to keep an eye on the property. If the property is vacant, contact the insurance company to inform them to ensure you have the necessary coverage until the home sells.
2. Locate the Will and Contact the Executor
Locate the deceased’s will, which will name the executor of the estate. The executor is responsible for managing the deceased’s assets, including their home. If there is no will, the court will appoint an administrator to handle these duties.
Steps for the Executor or Administrator
1. Obtain Probate
Probate is the legal process of validating the will and giving the executor the authority to distribute the deceased’s assets. The executor will need to apply for a Certificate of Appointment of Estate Trustee with a Will from the Ontario Superior Court of Justice. If there is no will, they will apply for a Certificate of Appointment of Estate Trustee without a Will.
2. Notify Financial Institutions and Utilities
Inform banks, mortgage companies, and utility providers of the homeowner’s passing. This will help manage any ongoing bills and secure the property’s finances.
3. Arrange for an Appraisal
An appraisal of the property is essential to determine its current market value. This will be necessary for probate and for any potential sale or distribution of the estate.
Deciding What to Do with the Real Estate in Windsor-Essex
Once probate is granted, the executor can decide what to do with the home. The following options should be considered:
1. Transfer Ownership
If the home is to be inherited, the executor will need to transfer ownership to the beneficiaries named in the will. This involves preparing and filing the necessary documents with the Land Registry Office in Ontario.
2. Sell the Property
Selling the property may be the best option if the beneficiaries prefer a monetary inheritance. Here are the steps to take:
- Hire a Realtor: This is not a process that you will want to rush. Take the time to do your due diligence and select a real estate agent, like the team at The Dan Gemus Real Estate Team in Windsor-Essex County, that has years of experience in handling estate sales. Hiring a local real estate agent will ensure they provide valuable insights to help manage the sale process.
- Prepare the Home for Sale: This may involve cleaning, making repairs, and possibly staging the home to attract buyers. The Dan Gemus Real Estate Team offers a complimentary staging consult to assist with this part of the process when preparing your home for sale in Windsor or Essex County.
- List the Property: Work with a local realtor to set a competitive price and list the property on the market. Your real estate agent should be knowledgeable about the overall market stats of the region you are selling and the specific neighbourhood that the home resides. This will ensure that you are positioned to get the most eyes on your property and the best opportunity for a higher sale price.
- Review Offers: Evaluate offers with the help of your realtor to choose the best one – the highest number is not always the best offer. There are other considerations to discuss with your real estate agent.
- Close the Sale: Complete the sale by signing the necessary documents and transferring ownership to the new buyer – a lawyer will be required to assist through this part of the process. Always consider additional legal fees when buying or selling a home.
Other Considerations
1. Taxes and Debts
The estate must settle any outstanding debts, including property taxes, mortgages, and other liabilities. It’s crucial to consult with a financial advisor or an estate lawyer to ensure all obligations are met.
2. Consulting Professionals
Navigating the legal and financial aspects of managing a deceased person’s estate can be complex. be sure to consult with professionals, such as local real estate agents, estate lawyers, accountants, and financial advisors, to ensure all legal and tax requirements are met.
Final Thoughts
Managing a home after the owner passes away is a significant responsibility that requires careful planning and attention to detail. By taking these steps and seeking the help of professionals, you can ensure the process is handled with the respect and care your loved one deserves. Remember, it’s okay to ask for support during this difficult time.
The Dan Gemus Real Estate Team serves all of Windsor and Essex County with experience helping families through these difficult times. Reach out to our team for further information, opinion of value, and advice 519-566-5565. Any team of full time agents offers the experience and network you need to traverse these complex times.
This blog is intended for information purposes only and is not intended to be used as, or replace legal or accounting advice, or otherwise. If you require additional contacts for legal, accounting and tax purposes in Windsor or Essex County, ON, The Dan Gemus Real Estate Team is happy to recommend the professionals you need to complete the estate sale process.