in probate and trust sales if you intend to hire them for this process.
TYPICAL PROBATE AND TR TE AND TRUST PROPERTY SALE PROCESS
• Appointment of an Administrator or Executor. Usually, the decedent’s last will and testament names an Executor accountable for distribution of assets, including real estate. If no executor is named, if the named executor is unable or unwilling to serve, or if there is no will, the court appoints an Administrator for the estate. • Executor or Administrator establishes a list price for the real property. Listing price is normally determined with the assistance of a real estate agent experienced in probate and trust sales. The property is then listed for sale through that agent/broker. • The real estate agent markets the real property. This generally involves several approaches, including signage, social media, listing on one or more real estate websites and hosting open houses for other real estate agents and potential homebuyers. The real estate agent will also schedule appointments to show the property to interested parties who inquire directly. • A Notice of Proposed Action is mailed to all heirs. A notice stating the terms of the proposed sale is distributed to all heirs of the estate. Heirs typically have a period of time determined by state laws state to present any objection they may have to the proposed sale of real estate. If there are no objections, the sale proceeds as provided in the notice to heirs. If one of the heirs poses an objection to the sale, a hearing will be held by
30
Powered by FlippingBook