Selling your own home is complicated enough. However, many adults may find themselves in a position where they are asked to or tasked with selling their parents’ property. Considering the major regulatory and financial aspects of owning and selling a home, this is a major responsibility – and some people in this position wonder if it’s even possible.
In short, yes – it is entirely possible to sell your parents’ home for them. However, there are a wide range of legal and logistical elements involved in the process, many of which vary based on the minutiae of your personal circumstances. With that in mind, it is imperative to understand which processes you will need to follow as you assist your parents with their home sale or take the property to the market yourself.
Selling a loved one’s home? Our strategic advisory services can help you exceed your market objectives. Call us at 416.441.2888 or reach us by email at evan@christensengroup.ca.
The First Major Variable
As a complex and open-ended journey, selling a parent’s home has many angles, each with its own nuances and implications. This means that your individual experience will be unique and directly informed by your (and your family’s) circumstances.
That said, one variable is arguably the most influential with regards to your selling process: whether your parents are still alive or if they’ve passed away. This detail dictates which legal process you will follow in order to obtain the necessary rights to selling your parents’ home. More on that next.
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Legal Permissions & Process
Selling any major assets that belong (or belonged) to your parents – including the home, requires legal approval. Even if your parents have directly requested that you sell their home for them, or have left the property to you in their will, you will not be able to proceed with a sale until you are granted the right to do so. In Ontario, these permissions are managed by the Province, and as mentioned, will be dependent on your personal circumstances.
There are two primary pathways involved in obtaining the legal right to sell your parents’ home on their behalf. You will follow only one.
What is Power of Attorney?
Power of Attorney (POA) is necessary when an individual is alive, but unable to manage their own affairs – usually due to medical reasons. Therefore If one of both or your parents are still alive, you will need the Power of Attorney in order to sell their home.
Obtaining Power of Attorney is fairly straightforward and most often only requires filling a few documents with the Province. However, in some instances it could involve working with your family’s lawyer.
What is Probate?
In the instance when both homeowners have passed away, only the individual who holds estate executorship may sell or take other legal actions on the home. The process of being named as an executor is called probate.
Probate Nuances
- Even if your parents have directly appointed you as an executor in their will, you must still follow the provincial probate process in order to have this designation confirmed or validated.
- Only one person may hold executorship. If you are selling with the assistance or input of siblings, it’s important that everyone recognizes that only the executor may make legally binding directions related to the home.
- In Ontario, there are currently longer than average wait times with probate processing. As a result, it may be several weeks or months before you are formally granted executorship.
Looking to optimize the sale of your parents’ Toronto home? Read these additional blog posts for further insights.
- Why Staging is Important in a Balanced Market
- How Selling Luxury Properties Differs From Standard Listings
- Pricing Your Home Strategically
Partner With an Expert
Selling someone else’s property is a complex process. However, with guidance from an experienced professional expert, you can sell your parents’ home with minimal hassle while accomplishing a second-to-none return.
At Christensen Group, our more than four decades of selling experience place us at the forefront of West Toronto’s evolving real estate landscape. Beyond our direct familiarity with the nuanced process involved in selling a parent’s home, our full-service results-oriented approach leaves no stone unturned in ensuring you find success in the marketplace.
Selling in Etobicoke or West Toronto? Christensen Group’s market-leading expertise can provide you with an unparalleled advantage. Call us at 416.441.2888 or reach us by email at evan@christensengroup.ca.
