There's a property inheritance passed down from the mother as she passed away few months ago.
Question:
1. Change of ownership from mother to the child, would the current market price be stated in the new ownership document?

2. Can the ownership transfer process be skipped, and straightaway sell the property?

1. No

2. No.

Complete the tranafer b4 selling the property .... just in case there are some issues with the transfer, the seller may be liable to pay compensation to the buyer if the sale is aborted.

2. you can with court order to sell

If without court order, is it possible?

For the seller side, any difference if decided to sell without waiting for the transfer to be completed?

not possible

Firstly, if the property transferred to the respective beneficiaries/child thereafter sell it off to a 3rd party, the beneficiaries/child will be subjected to rpgt as they own the property less than a year before disposing it of (assuming the beneficiaries sell it right after the transfer).

Secondly, the property can be disposed of to a 3rd party by the executor/administrator without transferring to the respective beneficiaries/child by obtaining a court order. Here the executor/administrator will need to incur additional cost in obtaining the court order.

So, in such a case they may start to look for buyer while applying for grant of probate / letter of administration.

Seek advise from a lawyer as every inheritance case is different. Also buyers have different views when buying such property. Generally buyers prefer a 'smooth' deal instead of 'subject to' condition.