TYPICAL PROBATE AND TR TE AND TRUST PROPERTY SALE PROCESS
• Appointment of an administrator or executor. Generally, the decedent’s will names an executor (of the estate) accountable for distributing assets, including real estate property. If no executor is named, if the named executor is unable or unwilling to serve, or if there is no will, the court will appoint an administrator. • The executor establishes a list price for the real property. The Independent Administration of Estates Act (IAEA) provides that the price may consider the appraisal by the probate referee. The listing price is typically decided with the guidance of a real estate agent experienced in probate and trust sales. That agent/broker will list the property for sale. • The real estate agent markets the property. This generally involves several marketing approaches, including signs, newspaper advertisements, real estate website listings, and open houses. The agent will also schedule appointments to show the property to inquiring parties. Buyers of probate property might be looking for a bargain; however, their offers are limited by the court. An accepted offer must be at least 90% of the probate referee’s appraised value. Once a buyer is found, the real estate agent assists the seller in negotiating terms that are satisfactory to both parties. • A Notice of Proposed Action will be mailed to all heirs. A notice stating the terms of the proposed sale is distributed. The heirs have 15 days to present any objections. If there are no objections, the sale proceeds
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