As an international resort destination, the majority of South Lake Tahoe homes actually belong to folks not living with the area. Many of these homes have been enjoyed by extended families for decades. Sadly, many of the owners on the property titles are nearing the end of their lives. It is not at all unusual for us to be notified by a family member that a family member has passed and they now need to sell the property through the process of probate.
If you or someone you know finds themselves in a position of being involved with a real estate transaction involving probate, the escrow officer will require the following in order to process the transaction:Â A certified copy of the order confirming sale for the estate of the vestee for recording; or if you chose to use the Independent Administration of Estates Act (IAE), the following:
1. A copy of letters of testamentary with the name of the administrator or/executor and that they have been given full authority to administer the estate under the provisions of the IAEA
2. Copy of notice of proposed action to be taken
3. Letter from an attorney for the estate confirming (a.) that the personal representative has such authority and that it has not been revoked (b.) that all parties entitled to notice of the proposed action have been given notice and when, and that no objections have been received and (c.) that there are sufficient assets in the estate to fully satisfy any federal and/or California estate taxes that are due and payable, or that there are no federal and/or California taxes due.
4. If the deceased used their Social Security number as the Tax ID, the estate will need to request a new Tax ID number.
For more information on this topic or questions referring to specific needs, we highly recommend contacting one of our local title and escrow companies. No one knows the process in regards to local South Lake Tahoe nuances better than these professionals. You can find these answers by calling either Placer Title (who provided us with the above steps) at 1-530-542-1811 or Old Republic Title at 1.530.544.0100. Both are superb companies and we love the friendly service.
