Article provided by Danny Gomes of Remax.
Probate, Trust & Conservatorship Sales
Your Real Property Transactions Should Be Easy!
Knowledgeable, experienced help can ease the burden of attorneys, conservators, administrators, accountants, trustees,
other real estate agents, and of course, clients:
Increase client satisfaction
Enlarge client profits on real property sales
Streamline transactions and avoid delays
Barry Wiley is knowledgeable and experienced with Probate Code, court-directed sales, Trust Sales, mandate disclosure
requirements and offers.
- Straightforward, non-technical counseling of agents prospective buyers on the offer process.
- Accurate, on-time reports.
- Streamlined communication between all parties. Network of qualified trained specialists throughout Southern California.
- Anticipation of problems that might cause delayed closing and the skill to counter them with swift solutions.
- Knowledgeable handling of the offer process and all subsequent paperwork.
AS WELL AS.....
Our "Team" of cleaners, haulers, appraisers, contractors, landscapers, painters, etc.,are available to help you with any "pre-marketing"
work that you may need or desire.
Our goal is to make it as simple and easy as possible for you throughout this process.
SELLING PROBATE PROPERTY – A TIMELINE
* Your attorney files the petition for your appointment as the estate’s personal representative.
Day 1- The Probate Court issues Letters, your authorization as the personal representative.
Day 10– Barry Wiley is selected to market the home.
Days 10-40- An intensive marketing period occurs with our Plan of Action.
Day 40- OPTION "A” - If sold under Independent Administration: Upon acceptance of an offer without Court Confirmation, if applicable,
a typical 30-45 day escrow period follows. The successful bidder secures financing, executes proper documents, causes escrow to close,
Day 70-85- The estate receives final sales proceeds.
DAY 40- OPTION "B” - If sold with Court Confirmation: Upon acceptance of an offer subject to Court Confirmation, a confirmation hearing
date is set by the Probate. This normally occurs if there is fighting amongst family members.
Court (usually 30 days after this initial bid acceptance). On approximately Day 70, in person, the attorney reports to the open Probate courtroom and to the Probate Judge the Personal Representative’s willingness to accept the previously made bid. At the court hearing, the Judge then offers anyone present in court the opportunity to make a final, higher bid on the property. This is truly a live, in-court auction. At the conclusion of a back-and-forth auction, the final sales price and highest bidder are approved by the Probate Court. A typical 30-45 day escrow period follows. The successful court bidder secures financing, executes proper documents, causes escrow to close, and approximately Day 100-115, the estate receives final sales proceeds.
This represents a general timeline of marketing, sale, and closing escrow during Probate administration. Estate properties may sell and close escrow in as short as 30 days, or as long as, or longer than any other real estate sale. There is a wide range of flexibility associated with the sale of probate property not discussed here. Please call me for more information.
HOW LONG DOES THIS TAKE?
Probate and Trust Real Estate Glossary
Here are brief definitions of terms you may encounter if you are dealing with probate or trust real estate or inheritance property:
Beneficiary:A person who inherits when there is a Will.
Conservator:A person who has the court-appointed fiduciary responsibility for the care of another adult.
Conservatee:The person whose care is provided for under a conservatorship.
Conservatorship:A court proceeding wherein a judge appoints a responsible person (Conservator) to care for another person (Conservatee) who cannot care for him/her self or his/her finances.
Custodian of the Will:The person in possession of the Will when the person who wrote the Will dies.
Decedent:The person who died.
Executor:A person named in a Will and appointed by the Court to carry out the decedent's wishes. This person is usually named as the seller of the real property.
Heir:A person who inherits.
Intestate:When someone dies without leaving a Will. When there is no Will, the sale of the decedent’s real property often requires court confirmation.
Intestate Succession:The order of who inherits the property when the decedent does not have a Will.
Legatees, or Devisees:People who are named in a Will.
Personal Representative (Administrator or Executor): The person responsible for overseeing the distribution of the estate.
Probate:The process of deciding where, how and to whom to distribute the decedent's estate, such as the real property.
Probate Real Estate Sale:The transfer of legal title (ownership) of real property from the estate of the person who has died to his or her beneficiaries or to a buyer under the supervision of the Court.
Probate Referee:Before real property can be sold through probate, it must be appraised. This is done by a Probate Referee. In California, probate referees are appointed by the State Controller and assigned to a particular case by the court clerk. They are paid for this service directly by the estate, usually a percentage of the appraised value.
Real Property: The term used to refer to real estate (land and buildings) in probate and trust sales.
Testate:When someone dies leaving a Will.
Trust:When a person (Trustee) holds property at another person’s (Settlor’s) requests for the benefit of someone else (Beneficiary).
Will:A legal document that lists a person's wishes about what will happen to his/her personal and real property after death.