PROBATE SALES

By
Real Estate Sales Representative with Gallagher & Lindsey, Alameda, California
http://actvra.in/j7Q

PROBATE SALES

 

 

PROBATE SALES   Probate sales of homes in California are regulated by the Court and they may have special requirements but are basically like a regular sale. This article concerns probates governed by the Independent Administration of Estates Act(IAEA).

 

Probate SalesThe Administrator/Executor is exempt from providing a buyer with a Transfer Disclosure Statement, Natural Hazard Disclosure and Mello-Roos disclosures.  The Administrator/Executor does not need to provide the Buyer with a completed Earthquake Guide and is exempt from providing the Buyer with smoke detectors.  Of course Agents are not exempt and must provide all documents that are required of any sale.  Additionally, local law may have requirements that the Seller may have to comply with.  The Administrator/Executor should check with the municipality to determine their responsibility.

 

 

ESCROW REQUIREMENTS OF A PROBATE SALE:  The title company will require that they are provided with the Order for Probate of the Estate, they will also request an original "Letters Testamentary" or" Letters of Administration", which ever applies.  When the estate is governed by the Independent Administration of Estates Act(IAEA), usually there will be NO requirement for court confirmation of a sale. 


The attorney for the estate must provide the title company with the following:

 

  • An original 'Letters' with the Administrator/Executor's name and a letter that they have been granted full authority to administer the estate under the provisions of IAEA
  • A copy of the Notice of Proposed Action for the sale of the property
  • Letter from the attorney for the estate stating the following:

           a.  The Administrator/Executor has full authority and the full authority has not been revoked

           b.  That all of the individuals or entities entitled to receive notice have been given notice in a timely manner and that there were no objections lodged to the action.

           c.   There are sufficient assets to satisfy any federal and/or California taxes due.

  • If the decedent used their Social Security number as their Tax ID number, then  the estate will have to request a new Tax ID number.

 

This article is the first in a series concerning the sale of properties through court proceedings

 

 

 

 CALL, TEXT OR EMAIL ME WITH ANY QUESTIONS YOU MAY HAVE ABOUT A SALE OF A HOME WHICH IS BEING PROBATED.

 

 

 

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Gene Riemenschneider 12/30/2011 06:11 PM
Topic:
Real Estate Best Practices
Location:
California
Groups:
30 Days In September 2011 Localism Posting Challenge
Local Expert
Posts to Localism
San Francisco Bay Area Real Estate
"Whacked"!!!
Tags:
probate sale
home sale
alameda home sales

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the flag to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the camera to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Ambassador
1,276,837
Norma Toering
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes & Beach Cities Homes in L.A. CA

Evelyn - Years ago I had my first probate listing and it was a learning experience.  It required court approval and a bidding war took place in the court room.  The original buyer lost out after assuming his offer would be approved without any competing bids.  I learned it's not over until the judge says so....

September 07, 2011 03:03 PM #1
Rainmaker
651,285
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

Norma:

I had the same thing happen to me.  My client made a full price offer and we thought no one would offer more on the property.  Wrong.  At the hearing an agent pop up with her client and the bidding war began.  My client finally withdrew from the sale.  What a disappointment for him.

September 07, 2011 03:16 PM #2
Rainmaker
56,047
Simone Koga
Paragon Real Estate Group - San Francisco, CA

Evelyn, Thanks so much for outlining things.  I don't have much experience with probate sales, but it's always great to  have a clear picture in your mind of what the process is like so that when I am in the position to work one, I don't have to start from scratch building up my knowledge base.  

September 07, 2011 04:12 PM #3
Ambassador
1,462,565
Karen Kruschka
RE/MAX Real Estate Connections - Manassas, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Evelyn Your probate laws are different than ours in Virginia, but it is obvious you undestand yours in depth

September 07, 2011 08:14 PM #4
Rainmaker
651,285
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

Simone:  Your welcome.  I have done a number of probate sales and for the most part they are pretty easy.

Karen: I assumed that probate law are different in different parts of the country.  Do probates require court confirmation or not?

 

September 07, 2011 09:29 PM #5
Rainmaker
1,256,067
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Another great post on a topic that is alien to most of us.  I really appreciate your hard work on the subject.

December 30, 2011 06:03 PM #6
Rainmaker
651,285
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

Gene:

Thank you for reblogging this post.  As I said before, if you don't do many probate sales it can be involved.  Knowing what to do is easy and I love to help agents with their probate sales.

December 31, 2011 07:45 PM #7
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the umbrella to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
651,285

Evelyn Kennedy

Alameda, Real Estate, Alameda, CA
How can a find a home in Alameda
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the truck to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information