If someone dies while they are in the process of selling their house, are the proceeds considered to be real or personal property?
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If someone dies while they are in the process of selling their house, are the proceeds considered to be real or personal property?
Our father passed away while he was in the process of selling his house; he had signed an “intent to sell” with a realtor who was paying him a lump sum for the house. In his Will, he left 2/3 of his real estate to 1 daughter, and 1/9 to each of his other 3 daughters. All other assets were to be split 25% to each of the 4 daughters. We are trying to determine if the house money will be considered real or personal property, since he was planning to sell the house.
Asked on June 28, 2015 under Estate Planning, Maine
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
The house is real property. Proceeds of the house sale is personal property. If you and your siblings agree to the even split then you can. You need to determine if the intent to sell document is considered a valid contract and enforceable against the estate. This can become very complicated. Good luck.
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