My question is I have found a great deal on a property. The only thing stopping me from completing the purchase is the lady that owned it passed away 5 years ago leaving the property to her 4 children in her will. The children didnt take her estate through probate because they dont have the money. They all have agreed to sell it to me and will all sign a warranty deed but can they do that since the property is still in their deceased moms name? If someone has some experience please let me know which way to go!
If this Lady had a family living trust her executor would have been able to sign and disperse her estate according to her will.
Since it would appear she did not have a trust it will be necessary to probate the estate as right now there is no one who can legally sign documents on behalf of her estate, whether probate goes quickly or not will depend on whether she left a will?
It would appear since this house has sat for 5 years that maybe she did not leave a will?
Without probate the property will never be able to have a title insurance policy and therefore could never guarantee a future buyer or lender clear title!