What does the term probate refer to in real estate?

Probate specifically refers to the legal process through which a deceased person's estate is administered and distributed. This process involves validating their will (if one exists), identifying and accounting for their assets, paying any debts and taxes owed, and ultimately distributing the remaining assets to heirs or beneficiaries according to the will or state law if no will exists.

Understanding probate is essential in real estate as it directly impacts how property owned by a deceased individual is managed and transferred. For example, if a person dies and leaves behind real estate, the property will generally not transfer to the heirs automatically; it must go through probate to ensure that all legal requirements are fulfilled, debts are settled, and rightful ownership is confirmed.

The other options do not accurately define probate: altering property zoning relates to land use regulations; a type of property transfer document could refer to various legal instruments used in real estate transactions, but it does not encompass the full probate process; and financing property purchases involves different legal and financial mechanisms that do not pertain to the probate process.