Q: sole heir of a house in Tennessee, not part of probate, cash sale, no proceeds released
I’m sole heir of a house in Tennessee. It’s not part of probate. Creditor notices have been published, 4 month waiting periods ends soon. We’re pay two attorneys now and still can’t get a firm answer. The buyers closing atty states it is ‘TN law’ that he cannot release the proceeds until the creditor period is over. The estate attorney says it’s only with the title insurance that usually won’t allow proceeds to be distributed........... It Is A CASH SALE with NO title insurance. So, which attorney, if either, is correct about TN law and proceeds of real estate being held that are not in probate? Please tell us; What is the law?
A: Why did you file Probate? You may have needed to, or you may have wasted alot of money and time. But any creditor can actually claim against the Estate up to one year from death of the decedent. You should have considered this initially, and may have instead sold it to a cash purchaser. If the buyer wants a clear probate, sell the house to someone else. If it does not appear that the Estate could be insolvent, then the property should be transferred now. You are a little late asking these questions now, as you probably only needed an Affidavit of Heirship.
Nina Whitehurst agrees with this answer
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