In Ontario, probate is the legal process of proving the validity of a will and distributing the assets of the deceased according to their wishes. If you are named in a will as an estate Trustee (Executor), you may have to apply for probate. It is important to seek professional advice from your lawyer to ensure that you are aware of your responsibilities and the length of time for finalizing probate.
A Trustee(s) can start the process to sell the deceased’s property but you are not able to finalize a sale until probate is completed.
KK Realty Group can list the deceased’s property, either residential or commercial, in estate situations.
Where there is a dispute between beneficiaries with each one wanting to list with their own brokerage, the KK Realty Group can act as a neutral party. We are affiliated with Harvey Kalles Real Estate Ltd., a family-owned firm with 65 years of experience, with almost 300 agents and sales in 2021 of $4.5 Billion*. KK Realty Group will educate and inform Trustees as to the state of the real estate market and advise as to the appropriate listing price based on recent comparable sales in the area.
* SOURCE: LONEWOLF
Divorce, or even separation, involves many emotional and complex matters, usually centered on their children or the family home.
Once married and the spouses occupy a home, that property becomes a ‘matrimonial home’ regardless of which spouse has legal ownership. The spouse, without legal title, does have a right of possession and must consent to a sale, mortgaging, or refinancing of the matrimonial home.
A good and competent real estate agent must determine (1) correct ownership;(2) the value of the matrimonial home; (3) the existence of a separation agreement; and (4) the desires and goals of both spouses based on whether there is cooperation or acrimony.
If one spouse intends to buy the matrimonial home from the other, a certified appraiser, as opposed to a real estate agent, is usually engaged to value the home.
However, if the intention is to sell to a third party, then a real estate agent will be retained to educate the spouses or their professional advisors, as to the current state of the market and to value the matrimonial home based on comparable sales in the neighbourhood.
In a recent contested divorce, the KK Realty Group listed a matrimonial home (in the prestigious Bayview and York Mills area) and was able to sell the home for $5M. Subsequently, one of the spouses retained us to find her and her four children a new home in the same school district. This was also accomplished by us.
Given the opportunity, the KK Realty Group will act in your best interest in a divorce or separation situation.