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           a.  The Administrator/Executor has full authority and the full authority has not been revoked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

 

 

 

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Re-Bloggged 1 time:

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  1. Gene Riemenschneider 12/30/2011 06:11 PM
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Topic:
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Location:
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probate sale
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Rainmaker
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Simone Koga
Paragon Real Estate Group

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
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1,422,668
Karen Kruschka
- "My Experience Isn't Expensive - It's PRICELESS"
RE/MAX Real Estate Connections

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
Rainmaker
634,085
Evelyn Kennedy
Alameda, Real Estate, Alameda, CA
Gallagher & Lindsey, Alameda, California

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
Rainmaker
1,161,072
Gene Riemenschneider
Turning Houses into Homes
Home Point Real Estate

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
Rainmaker
634,085
Evelyn Kennedy
Alameda, Real Estate, Alameda, CA
Gallagher & Lindsey, Alameda, California

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
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Rainmaker
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Evelyn Kennedy

Alameda, Real Estate, Alameda, CA
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