The requirement of guardianship can arise in multiple ways to facilitate a real estate transaction. If the title is held by a minor through an inheritance, a guardianship will be required through a family court to undertake the transaction. If the owner on the title is mentally challenged, a guardianship will be necessary to deal with a realtor and potential buyer.
A guardianship is a proceeding undertaken in a family court to safeguard the interests of an individual who is either a minor or mentally incapable of conducting their own affairs. Therefore, the guardianship is awarded to an individual who will handle the personal and business affairs in the best interests of the ward. The guardianship allows the individual legally entrusted with the ward to manage and look after the property of the ward.
It is important to note that selling off an estate property has various facets and workings. You will have to initiate an estate proceeding, appoint an estate administrator or executor, clear the title, and finalize the estate. In many cases, beneficiaries and heirs of the estate seek to sell off the property as quickly as possible. This is because of the burden of the maintenance expenses, the threat of a looming foreclosure, problem tenants, exuberantly high operating costs, or hefty property taxes, amongst other reasons.
The exact time it takes for the appointment of a fiduciary or issuance of testamentary letters can vary in different states and counties across the US. For instance, in Queens or Brooklyn, the appointment of an estate administrator typically takes 4-6 months.
It is important to note that all those who inherit a valuable property are eager to cash in on their inheritance without any unnecessary delays. However, this particular desire alone is not sufficient to establish a legitimate ground for the Surrogate’s court to expedite your petition. There are thousands of such cases in the family court seeking to cash in on their inheritance as soon as possible.
It is crucial to avoid undertaking probate or an administrative proceeding, as it will only cause further delay. Many such cases have ended up in a Surrogate’s court limbo for over 2 years or even more. Initiating an estate in a Surrogate’s court can be a complicated and drawn-out struggle.
However, it is equally important to avoid waiting for being appointed as a fiduciary to devise a strategy. It is important to start making your plans and finding a buyer. In many cases, realtors try to lure in people fighting drawn-out battles in a family court or surrogate’s court with false promises that are seldom true.
We encourage you to get in touch with our team to help you undertake a quick and breezy sale for a prompt cash payment.
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