Wednesday, September 26, 2007

Why do some Probate Sales NOT Require Court Confirmation?

When you spot a property that is a probate property - the first questions most buyers ask is, does it require court confirmation?

When a probate property does not require court confirmation, it is either a Trust Sale or the executor of the estate has been granted "full authority powers." Under the Independent Administrations Estates Act (IAEA), the administrator of the estate can handle the decedents estate without court approval. In order for the administrator to obtain these powers, his/her attorney follows a direct procedure for this to happen. If the administrator has full independent powers they may elect to list the property for sale and once they receive an acceptable contract, their attorney mails out a Notice of Proposed Action stating the terms of the proposed sale to all the heirs. The heirs then have 15 days to object to the sale. If there is no objection within 15 days, the sale goes through without any court hearing required. *

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If you have any questions when it comes to your probate and trust real estate needs, please don't hesitate to contact us. 310-777-2858

* It's crucial to always contact a professional attorney to handle all your probate needs.