real estate. Probate sales also involve multiple contracts and disclosure statements that aren’t used with standard real estate transactions. If you’re buying or selling real property through a probate transaction, then you absolutely must use a real estate agent who has experience with these types of transactions, including trust sales. The agent will be experienced with the special language used with these types of transactions and can explain the language to you. This includes all the steps and documentation that come with these transactions, as clear communication in probate sales is critically vital.
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. • 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. 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
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