1. Is there a difference between regular transactions and probate transactions?
Yes- Probate real estate transactions must follow the court required guidelines.
2. Do probate sales require specific real estate forms?
Yes- In order to protect the court appointed representative, the court requires that probate forms must be used.
3. Is there a difference between Limited Authority and Full Authority when selling real property in an estate?
Yes- Limited Authority require court confirmation. Full Authority in most cases does not.
4. Should I use a regular real estate agent or one that specializes in probate and conservatorship sales?
In order to protect the estate a Realtor should be chosen that has extensive probate knowledge and has closed at least 20 or more successful transactions in a 12 month period (Ask for proof).
5. Do I need a court approval when selling real property in an estate?
Court confirmation is only required when the court appointed representative is issued letters with limited authority. However, court confirmation could be required with full authority in the event of an objection from an heir of beneficiary.
6. My Realtor told me I do repairs to the property prior to selling, due to the condition of the property. My attorney instructed me to sell it as-is. Who is right?
Your attorney is correct in most cases. Most probate sales are sold in as-is condition.
7. What is a probate referee?
A probate referee is a court appointed real estate appraiser who will determine both the value of real property and the inventory in the estate.
8. Does the court appoint a real estate agent to sell the real property in the estate?
The court appointed seller has the authority to choose their own real estate agent (refer to #4).
9. My Realtor wants me to sign a 6 month listing agreement, is this legal?
No- The court limits the maximum length of a listing agreement not to exceed 90 days. Also, the correct probate forms must be used.
10. How much of a good faith deposit is required when accepting an offer?
In a full authority transaction the seller can take a deposit acceptable to them and their attorney. For a limited authority transactions he amount of the deposit is determined by the percentage published in the notice of sale.
