What should I know about when a deceased estate is party to a sales agreement?

In order to sell a property from a deceased estate one needs to know the gross value of the Estate. An Executor of an Estate can only enter into a sale agreement once the Letters of Executorship/Authority have been issued by the Master of the High Court.

Letters of Authority are issued in Estates with a cumulative value of less than R250,000.00 and Letters of Executorship in Estates with values above R250 000.00.

Regardless of the value of the Estate, only the Executor appointed by the Master has authority to deal with any assets of the Estate.

It is important to note that depending on the progress made in reporting the Estate to the Master of the High Court and the administration thereof, the transfer can be protracted due to requirements not yet fulfilled.

( Article by by Jack Bonner from Kruger Attorneys & Conveyancers Inc )