What is “Estate Sale”?
In New York real estate circles, “Estate Sale” means a property that has come onto the market because the owner is deceased. Their co-op apartment or townhouses are offered for sale by the executors, usually their siblings or children.
If the owner dies without naming someone in the will to sell the house, an estate sale is called a probate sale. A relative or friend of the deceased will be appointed by a probate court to handle the sale. It is important for the buyers to make sure that the estate passes through the probate process. So the current buyer and all future buyers can have a clean title. It might be a good idea to purchase title insurance as the buyer.
“Estate condition” is a way to gently say that nothing has been updated in a very long time. The property probably needs updating and renovation. An estate sale may or may not be in estate condition. Estate properties usually are priced well to reflect that fact that they need work. Since most of the time the executors have not lived in the property, they do not have any firsthand knowledge or do not know of any defects. New York state does not require the members of the estate to fill out a property condition disclosure.