Table of Contents

    Dealing with Probate Real Estate in South Carolina

    Posted by cfh-admin Posted at March 20, 2024

    The loss of a family member causes a great deal of pain, and the emotional adjustment can be overwhelming. Yet, it is also necessary that the surviving relatives start the succession process. In South Carolina, this may include the legal requirement of probate. Probate is the legal process of executing a person’s last wishes.

    Probate regulations differ by region and are subject to local laws and procedures. This article explains Probate Real Estate in South Carolina, covering executors and relatives seeking guidance on the probate process.

    Ways to Sell a Probate Property in South Carolina

    The sale of a probate property can happen through the same methods as that of ordinary homes. Here are several options for selling an estate under probate:

    Probate Real Estate Agents

    Real estate agents specializing in probate properties help speed up the sale process. These agents have experience listing probate homes and determining the appropriate asking price. They also know who to market the houses to, so you can expect to receive competitive offers.

    Real Estate Investor

    These investors often buy and renovate properties for resale or leasing out. An interested investor can obtain a mortgage, take out a bank loan, or pay in cash.

    Cash Home Buyer

    A real estate investor and a cash house buyer are quite similar. However, cash home buyers are better because they can make a quick cash offer for the probate property.

    Process of Probate in South Carolina

    Selling property through a probate is more complicated than selling ordinary property. This is due to the court’s involvement in the approval procedure, characterized by postponements. As a result, the probate sale process might last several months or even years.

    If the deceased had creditors, the proceeds from the sales might not go to the family exactly as planned. The heirs must first pay off the debts, outstanding fees, and associated probate costs.

    The court also determines the type of probate before the transactions begin. Probates are either formal or informal, depending on the court’s level of involvement.

    The Probate Process

    Filing for Probate

    Filing a petition with a probate court is the first step in the probate procedure. A copy of the death certificate and will, if there is one, are some of the documents needed to go with the petition.

    Appointment of an Executor/ Personal Representative/ Administrator

    The court will then designate an executor in charge of the estate. The executor also handles tax and debt payments and distributes assets to beneficiaries.

    Collecting the Decedent’s Assets

    The executor’s first task is to identify and take charge of all the decedent’s assets.

    Paying Debts and Taxes

    The next step is to repay any unpaid debts and taxes the deceased owes. Other expenses include funeral costs, medical bills, and credit card debt.

    Distributing the Remaining Assets

    The beneficiaries then receive the remaining assets under the will’s provisions. Without a will, South Carolina’s intestacy laws will guide the distribution.

    Specific Probate Laws in South Carolina

    • Succession Laws of Intestates
    • South Carolina intestate succession laws determine asset distribution when there is no will.
    • Spousal rights
    • Surviving spouses enjoy certain rights and protections under the South Carolina probate laws. These rights include a homestead allowance and an exempt property allowance entitlement.
    • Unique South Carolina Probate Laws

    South Carolina has unique probate laws that differ from those of other states. One such example is the “year’s support” law. This law permits a spouse or minor children to claim sufficient amounts to cover their year-round living expenses from the estate.

    How can Cash Homebuying Companies Help during Probate?

    There are various advantages to selling a house for cash during probate.

    1. Cash home buying is a considerably faster process compared to other methods.
    2. Removes the need for repairs or renovations necessary to make the house a saleable asset.
    3. Simplifies the probate procedure, allowing the executor to focus on important settlement duties.

    It is, however, crucial that you deal with a trustworthy cash buyer.

    Resources for Probate in South Carolina

    Preparing important documents, signing paperwork, and allocating assets fairly are all part of probate. There may be a lot to keep track of, but here are some resources that will help make this process feel less overwhelming:

    FAQs

    1. Can One Avoid Probate in South Carolina?

    Yes, and there are several options for avoiding probate in South Carolina:

    • Shared ownership of property
    • Payable-on-death designations for bank accounts
    • Transfer-on-death deeds.

    How Long Can a Probate Take in South Carolina?

    1. The duration depends on the complexity of the estate and the existence of any disputes. The process may, however, last for six months to two years.
    2. What Is the Cost of Probate in South Carolina?

    Probate expenses differ but usually include court charges, legal fees, and administrative expenditures. The valuation of the estate determines some expenses.

    It’s quite a challenging process to sell a property going through probate. You will need the counsel of a lawyer if you have a complex estate or anticipate asset disputes. There are also agents with specific expertise that may assist you in the sale process. 

    How can we help you?

    Answer a few quick questions to see how we can help you.

    Get Cash Offer