Probate
The court process for settling a deceased person's estate, including selling real estate. Probate sales can take longer and may need court approval, depending on the state.
Also called: probate sale, probate court, estate settlement
Related terms
Shared ownership where each owner holds an equal share and, when one dies, the others automatically take over that share without probate. Some states also offer tenancy by the entirety or community property for married couples.
A lawyer who reviews contracts, clears title issues and may run the closing. Some states require an attorney at closing; in others they are optional and hired for complex deals or disputes.
A legal document that lets one person sign for another. Using one at closing usually needs advance approval from the lender and title company.
A sale where the seller will not make repairs. Buyers can usually still inspect, and seller disclosure duties still apply in most states.