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Can the surviving spouse sell the house and downsize to a more affordable property?

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(@helen-olamide)
Posts: 2050
Illustrious Member Customer
Topic starter
 
[#2761]

Can the surviving spouse sell the house and downsize to a more affordable property?


 
Posted : 28/04/2024 7:41 pm
(@adeyankie)
Posts: 940
Prominent Member Customer
 

Yes, the surviving spouse can sell the house and downsize to a more affordable property if that is a feasible option. Here's how the process typically works:

1. **List the Current Property**: The surviving spouse would work with a real estate agent to list the current property for sale on the market. The agent can help determine an appropriate listing price based on the current market conditions and the property's condition and location.

2. **Accept an Offer**: Once the house is listed, potential buyers may submit offers. The surviving spouse can review these offers and negotiate terms such as the sale price, closing date, and any contingencies.

3. **Find a New Property**: While the current property is on the market, the surviving spouse can begin searching for a more affordable property to downsize to. This may involve working with a real estate agent to identify suitable options within the desired price range and location.

4. **Close on the Sale**: Once an offer on the current property is accepted, the sale enters the closing process. During this time, the buyer's lender will conduct an appraisal and inspections, and the parties will finalize the sale contract.

5. **Purchase the New Property**: Concurrently with the sale of the current property, the surviving spouse can purchase the new, more affordable property. This may involve securing financing, negotiating the purchase price, and completing the closing process.

6. **Move and Settle In**: After closing on both the sale of the current property and the purchase of the new property, the surviving spouse can move into the new home and begin settling into their more affordable living situation.

Downsizing to a


 
Posted : 28/04/2024 7:43 pm
(@edwardadex233)
Posts: 1000
Noble Member
 

Yes, the surviving spouse can sell the house and downsize to a more affordable property. In Nigeria, the rights of a surviving spouse to inherit and manage the property of their deceased partner are protected under the Law.

 

Specifically, the Administration of Estates Law (Cap A5, LFN 2004) and the Married Women's Property Act (MWPA) (Cap M6, LFN 2004) provide for the rights of surviving spouses to inherit and manage property.

 

However, it's important to note that the process of selling the property and downsizing may involve some legal and administrative steps, such as:

 

1. Obtaining a Grant of Probate or Letters of Administration to legally transfer ownership of the property to the surviving spouse.

2. Resolving any outstanding debts or liabilities on the property.

3. Dealing with any co-owners or beneficiaries who may have an interest in the property.

4. Complying with relevant tax laws and regulations.

5. Seeking professional advice from a lawyer, estate agent, or financial advisor to ensure a smooth transition.

 

It's always recommended to seek legal advice to ensure a smooth and lawful process.


 
Posted : 30/04/2024 7:16 am
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