What You Need to Know About Probate
A Guide for Professionals
By Kristina R. Hess, San Diego Probate Attorney and Counselor at Law
What if the estate would like to sell the property while a Probate is pending? Is there anything that can be done?
Yes, under the IAEA (Independent Administration of Estates Act) the representative may list the property for sale. However, first certain conditions have to be met. The property must have been appraised by the probate referee and the estate’s acceptance of any offers is contingent upon notice and court approval. Additionally,other potential buyers will have the opportunity to out-bid the buyer – but must out bid by 5% with no conditions.
The benefit of this procedure is the estate does not have to wait for completion of the probate to sell the property; the downside is the procedure takes a few months, involves court and attorney expenses, and limits the field of buyers to one who is willing to risk losing to a higher bidder.
Of course, it is ideal if everyone who owns property puts the property into a living trust, but, statistics tell us that a large percentage of people do not engage even a basic level of estate planning. If you find yourself in a potential probate situation, or have clients in this situation who need to get their loved ones’ house sold, contact a San Diego Probate Attorney.
This article is intended for general information only and is not intended to provide legal advice. If you need legal advice, consult with a lawyer directly.