How to Sell a Condo in an Estate Frequently Asked Questions

Probate is the legal process that occurs when someone passes away. During the process, the executor named in the decedent’s will must collect and appraise all estate property including real estate, pay estate debts, including expenses related to estate administration, and transferring property to the appropriate beneficiaries based on the terms of the will. The executor is required to report to the Surrogate’s Court all activities related to the managing of an estate, including all money and property that came into the estate and all money and property that left the estate.

If the decedent did not leave a will, the process is referred to as estate administration. However, concerns and considerations related to how to sell a condo in an estate would still exist in the absence of a will.

If the estate had a value of $30,000 or less, the standard probate process is not required. Instead, the estate is subject to summary probate.

In order to sell a condo that is part of an estate, you must be the executor or estate administrator. While the property is still part of the estate, only the executor has the power to sell it. The executor may only do so if it is in the best interest of the estate. For example, if the decedent left the estate with significant bills and few liquid assets, the executor may need to sell estate assets including the condo in order to pay the estate debt.

If the decedent named you as the beneficiary who is to receive the condo, you can give the executor permission to sell the condo and give you the proceeds. Or, you can simply wait until the executor transfers title to you, and then sell it yourself. To help you determine the best way for you to go about selling a condo that was willed to you, discuss the details with a New York probate administration attorney.