Deceased Estate – Jargon and Legal Terms Explained  

Dealing with a deceased estate can be complex, especially when navigating legal terms and processes. Here’s a breakdown of key legal terms or jargon and the steps involved when it comes to any deceased estate property in WA.

Key Terms

1. Title Search: A process to verify property ownership and identify any encumbrances or mortgages. This is crucial for establishing who has legal rights to the property.
2. Caveat: A formal notice indicating that a third party claims a legal interest in the property, which must be resolved before the property can be sold.
3. Encumbrances: These are claims against the property that don’t affect its overall value, such as mortgages and easements.
4. Ownership Status: The title will show how the property is owned which may affect who owns the property after one owner passes and so this is very important.
5. Probate: A legal process that validates a will and gives the executor authority to manage the deceased’s estate according to the will’s terms. It’s issued by the Supreme Court and is essential for administering the estate.

To learn more about Probate click here or watch the video below.

Steps You Might Need to Take

1. Conduct a Title Search: Before selling any property, obtain a current title certificate to confirm ownership and identify any mortgages or encumbrances.
2. Determine Ownership Structure: Understand whether the deceased was the sole owner, a joint tenant, or a tenant in common. This affects how the property is handled in the estate.
3. Engage Professionals:
   1. Wills and Estate Lawyer: Important for navigating legal requirements and ensuring compliance with estate laws.
   2. Settlement Agent/Conveyancer: Helps with the transfer of property ownership.
   3. Real Estate Agent: Assists in selling the property.
4. Manage Caveats and Encumbrances: Address any caveats or encumbrances found during the title search before proceeding with the sale.

Conclusion

Understanding these terms and processes is vital for executors and beneficiaries when dealing with a deceased estate. Proper management ensures that the property is handled legally and efficiently, ultimately honouring the wishes of the deceased.

Helpful links when selling a Deceased Estate in Perth

At The Haus Exchange we are have acted as selling agent on a number of deceased estates and we are experts when it comes to deceased estates. We can help you removing the stress of being being an executor of a deceased estate and we have access to the right experts that can assist in making the difficult process easy.