Probate is the legal procedure that includes the transfer of land from an estate to the property holder’s beneficiaries. As an executor of an estate you may need to sell off real estate held by property not directly willed to a specific beneficiary. The probate court managing the estate will then divide the proceeds from the sale one of the beneficiaries. Making a valid sale of the home requires that you follow strict sales procedures laid out in the real estate law covering your location. While these specific procedures are for California probate sales, the general procedure for selling real estate during probate is a consistent one across authorities.
Appraise the property that you want to market during probate utilizing an independent certified appraiser. It’s possible to locate an appraiser in the local telephone book or by asking a local real estate agent or real estate attorney for a recommendation.
Obtain a request to sell real estate from the courtroom. Fill out the request, making sure to include all information concerning the property purchase, such as sale approaches if by auction or from having an open market sale. File the request along with the independent examination together with the courtroom and await approval from the probate court letting the sale.
Place the home up for sale and take an offer from a purchaser. Ensure that you notify the purchaser that the approval is conditional on courtroom confirmation.
Petition the court for a hearing. The wait before a hearing varies according to the load on the court calendar. Most hearings take place.
Arrange for a 10 percent deposit on the purchase price from the purchaser before the scheduled date of the court hearing.
Advertise the purchase along with the offered price from the purchaser with a neighborhood paper. The advertisement informs the people of the sale in order to permit for open bidding at the court hearing one of other interested parties. The objective of the sale is to acquire the best price for the estate, and the open bidding procedure aids toward this end.
Attend the courtroom hearing. Wait to proceed. Bids move in $500 increments over the intended original buyer’s offer, with the buyer permitted to bid also. All predictions are unconditional, and the winner must present a cashier’s check to the courtroom for a deposit after confirming the bid.
Refund the deposit to the first buyer if there’s a confirmation of a new buyer’s overbid. Put on the deposit to the cost of the property if there’s not any overbidding and if the court confirms the initial buyer’s price.
Finish the sale by closing the contract. Be certain that the financing is sufficient to pay the price of the property and the complete amount goes into the estate fund.