If you are looking for a property to purchase, it is crucial you consider all your options. Foreclosure and probate properties are some of the best properties to purchase because they are in a complicated legal situation, something that most people do not want. By doing some research to find out what is probate real estate, you can learn a lot and be in a better position to purchase these properties.
Probate property is basically real estate belonging to a deceased person and has not yet been passed down to their heirs. Probate is the process of legally transferring ownership of property from a deceased person to their beneficiaries. Whether a person died with a valid will or interstate, their property will have to go into probate to transfer ownership. Be sure to hire a competent real estate lawyer to help you with the transaction.