Property Appraisal and Valuation
The appointed executor or administrator will work with a licensed appraiser, or in some cases a licensed real estate broker to generate a Broker Priced Opinion, to determine the fair market value of the inherited property. This valuation is crucial for setting the sale price and calculating potential capital gains tax liability.
Notify Heirs and Beneficiaries
All heirs and beneficiaries must be informed about the probate proceedings and the intent to sell the property. Their input may be required, and they have the right to object to the sale.
Obtain Court Approval
Once the property's value is determined and all legal requirements are met, the executor or administrator will submit a petition to the court for permission to sell the property. The court will review the petition and may require a hearing if there are objections or concerns.
Cost of Probate Based on California Law
41
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