5 Real Estate Terms to Know About Probate Real Estate

Kim Ward, a real estate broker specializing in probate real estate, helps executors, administrators, and trustees navigate the complex process of selling a loved one’s home. In this video, she discusses five key real estate terms every probate seller should understand: closing costs, escrow and title, inspections, contingencies, and timeline monitoring. She explains how closing costs cover various fees such as commissions, mortgage interest, taxes, and HOA fees, and are typically paid from the estate's proceeds through escrow. Kim also emphasizes the importance of working with escrow and title companies to ensure all necessary paperwork is in order before selling the property.

She shares a story about a client who discovered title issues with his late mother’s portion of the home, illustrating the value of obtaining a preliminary title report to avoid delays. Kim further explains how buyer inspections, appraisals, and loan contingencies are part of the process and how she manages tight timelines to protect her sellers. By closely monitoring inspection and contingency timelines, she helps ensure the transaction moves forward smoothly, preventing unwanted delays or surprises.