Let us help you navigate through a deceased estate. Notwithstanding the impact that Covid has had on all our lives, death is something that will come to us all at any time, guaranteed. Today we cover how to navigate a deceased estate where a property is involved.
Keller Williams; strategically aligned to Louise Tonkin Inc.
This means that Keller Williams has aligned with Louise Tonkin from Louise Tonkin Inc for all things legal. We know the quality of their work and we can guarantee the very best quality of work. All things legal means that we have direct access to the greatest “Legal Eagles” on all things legal when it comes to property. If you have a question about something legal and you need advice, chat to the best in the game. Click here to access the contact info for Louise Tonkin Inc. You can e-mail Louise or Sarel at Louise Tonkin Inc, or you can visit their website for more info on who to get hold of a trusted “legal eagle”.
What is immovable property?
Immovable property is just that. Immovable property. When navigating a deceased estate, the property is considered immovable property.
Transferring property in a deceased estate
There are various types of deceased estate transfers, and we will cover 2 today:
Is the death of a person also a registered owner of the property? Because there are two types of letters that the Master’s Office will issue:
- Is the value property is below R250 000.00? If so the Master’s Office will issue a Letter of Authority in terms of Section 18(3) of the Administration of Deceased Estate’s Act. A representative will be appointed.
- Is the value above R250 000.00? If it is then a letter of Executorship will be issued. The executor is appointed.
- Without the above, no immovable property can be transferred from the estate. This is because there is no authorized person to sign the Offer to Purchase and transfer documents.
Letters of Authority
- The Master’s Office is required to give further direction to its representative. This will facilitate the property registration at the Deeds Office.
- Heirs are required to consent to the sale of the property. This will allow the Master’s Office to endorse the Power of Attorney in terms of Section 18(3).
- When the property is registered, proceeds will be paid directly into the Estate Late Account. This, in terms of the representative who will distribute accordingly.
- This process is shorter & less cumbersome than that of a Letter of Executorship. This enables a Liquidation and Distribution account which needs not be lodged at the Master’s Office.
Transfer of immovable property; letters of executorship
- The Master’s Office is required to provide the Executor direction in order for the property to be registered at the Deeds Office.
- Heirs are required to consent to the property sale. This, before the Master’s Office, can endorse the Power of Attorney. This is outlined in terms of Section 42(2) of the Act.
- When registration is concluded, the proceeds of the sale will be paid into the Estate Late Account. This is for the Executor to deal with. The Executor will draft a Liquidation and Distribution Account. This is submitted to the Master’s Office for approval. Thereafter the matter will be advertised. The Liquidation and Distribution will take 21 days. And via a Government Gazette and/or local Newspaper. Once this process is finalised, the Executor will apply for permission to distribute to the heirs.
- Note that the distribution will take place once the estate is finally wound up and the transfer is completed.
What documents will you need?
- ID Copies of all Heirs
- Marriage Certificate to prove marital status as well as regime
- Consent to the sale must be signed and commissioned by all Heirs
- Original Last Will and Testament;
- Estate documents to report estate include:
- Death Notice,
- Inventory,
- Acceptance of Trust as Executor, or
- Master’s Directions in terms of Section 18(3).
Need to get a property in a deceased estate valued?
Keller Williams is a phenomenal global real estate brand. In fact, it is the largest real estate franchise in the world. As Keller Williams estate agents, we are not area-bound. Our technology platform also sets us up for success. If you need to get an idea of what a property in a deceased estate is worth click here. If you need more information about what goes into preparing an accurate property valuation, click here.
Estate Agents – want to know more about KW?
Keller Williams (USA) is a top real estate brand to work for. If you are an estate agent and want to know a little more drop me an e-mail. If you would like to leverage world-class technology to the benefit of all our stakeholders across the value chain and end up with a win-win every time, then let’s touch base. Also, read what makes Keller Williams the best!
Get in touch
So, if you need a valuation done on a property anywhere in Randburg or elsewhere in Jhb, we can help. Give us a call on telephone number (064) 549-3123. Alternatively, drop us an e-mail at kwselect@kwsa.co.za. We have a vast network of almost 1,500 top Keller Williams agents at our fingertips who are all just dying for the opportunity to partner with you to sell and conclude your property transaction in record time.
If you want to view all the Keller Williams properties across the country, click on our website to start the search for your dream home. Need help getting a pre-approved homeloan, it’s free and our strategic partners will find you the best rate over 20 years! And finally, if you are thinking of putting your property on the market and need a free property valuation, click here!
