So Sorry If You Missed A Week of Education, Networking and Fun!

A Convention Reminder: Know Who Can Sell the Property

One of the educational sessions I attended at the Florida REALTORS® Convention focused on Property Titling, Estate Planning & Probate.

It was a great reminder of how important it is for REALTORS® to understand what happens when a property becomes part of an estate.

When you're working with an estate property, don't assume that the person who says they're in charge actually has the legal authority to sell the property. If there is a will, the named executor is responsible for carrying out the instructions of the will. If there is no will—or the named executor cannot or will not serve—the court may appoint an administrator.

One important takeaway for agents: before listing an estate property, make sure the person signing the listing agreement has the proper authority to act on behalf of the estate. The session recommended obtaining the appropriate legal documentation establishing the executor's or administrator's authority to conduct the transaction.

The discussion also covered probate, trusts, life estates and beneficiary designations—all of which can affect how property is transferred and who has the right to make decisions.

The bottom line?

When an estate is involved, take the time to understand who owns the property, who has authority to act, and what documentation is required before moving forward.

It could save your seller, your buyer—and you—a lot of time and headaches down the road.

One of the many valuable reminders I brought home from this year's Florida REALTORS® Convention!