Selling a parent’s home on their behalf can be tricky. On top of the basic elements that come with a home sale, selling someone else’s home can come with a handful of legal considerations and other hoops to jump through – and that’s without even considering all the emotional factors involved.
All that said, the process of selling your parents’ home doesn’t have to be overwhelming. This is especially true if you’re well prepared and have the right professional support at your side. That’s where I come in.
As a local Oakville real estate agent who has been helping families in this exact circumstance for more than 3 decades, I know the ins and outs of this unique process like the back of my hand. In this blog, I’ll go over everything you need to know about how to sell your parents’ home.
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Do I Need Permission to Sell My Parents’ House?
As your parents get older, you may find yourself helping them out with all sorts of things. However, when it comes to something as significant as selling their home, it’s not something you can jump into without following the necessary legal protocols.
Getting permission to sell is a little more complicated than a simple verbal agreement or handshake deal. Even though they’re your parents, you’ll need formal legal clearance from the Province before any sale can be finalized.
With that in mind, you’ll need one of two legal authorizations before you sell – power of attorney (POA) or probate. These are two distinctly different processes that apply to separate situations.
POA or Probate – What do I Need?
POA and probate are two very different things, each with a long list of special considerations. However, there is ultimately just one major detail that will determine which one is relevant to your circumstances. That is whether or not the homeowner, in this case your parent(s), has passed away.
How to Get Power of Attorney in Oakville
If your parents are still alive, you will need to acquire POA before you’re legally able to sell their home for them. When you have POA, you’re able to make certain legal decisions (like selling a home) for a person who is still alive.
Fortunately, obtaining power of attorney is relatively straightforward and it’s typically a much faster process compared to probate. More often than not, POA just involves a small amount of legal paperwork. However, in more complex circumstances, you may need to work with a lawyer.
How to Apply For Probate in Oakville
If one or both of your parents have passed away, you will need to follow the probate process before you can sell parts of their estate – such as the home. This is true whether or not you’re included in the will.
Probate refers to the process of confirming an Executor or Trustee of a deceased person’s estate. This will be the one person who is in charge of everything included in that estate.
Unlike power of attorney, probate is a fairly intricate process and the timeline is often much longer. In Ontario, a probate can take several weeks or even months to finalize. Because of these nuances, it’s a good idea to get a jump on probate sooner rather than later if you’re looking to sell the home.
Get Started Early
If you’re responsible for selling your parents’ home, it’s best to start early – at least as early as possible. There are countless moving pieces involved in this journey, much more than if you were selling your own home. For instance, you may need to sort through and manage decades’ worth of personal belongings before the house is even ready for the market. Not to mention all the usual tasks involved in getting a home listed, and don’t forget POA or probate.
In other words, selling your parents’ home is a big task. The more time you give yourself and your family, the smoother the process will be.
Want to know more about the home selling process? You’ll want to read these blogs next!
- How to Get Your Home Ready For Sale
- How to Find the Best Oakville Real Estate Agent to Sell Your Home
- 5 Tips For Selling Your Oakville Home
Leave Room For Emotions
There are a lot of practical aspects that come with selling your parents’ home, but it’s also an emotional process too – especially if the home has been in the family for a long time. With that in mind, it’s important to recognize the feelings that can come with this process. Practice patience with yourself and anyone else who may be helping out with the selling process. Take time to have open conversations with family members about how you’re feeling and ask about their emotions too.
Although it’s great to be in touch with your emotions during this process, it’s equally critical to have a compassionate yet unbiased real estate professional at your side who can help you accomplish a smooth sale without emotional interference.
Need to sell your parents’ Oakville home? I can help! Get in touch at stacey@staceyrobinson.com or call 905-346-8188.
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