has experience with these types of transactions, including trust sales. Th e agent will be experienced with the special language used with these types of transactions and can explain the language to you. Th is includes all the steps and documentation that come with these transactions, as clear communication in probate sales is critically vital. TYPICAL PROBATE 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. Th e 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 sale s. Th at agent/broker will list the property for sale. • Th e real estate agent markets the property. Th is generally involves several marketing approaches, including signs, newspaper advertisements, real estate website listings, and open house s. Th e agent will also schedule appointments to show the property to inquiring parties. Buyers of probate property might be looking for a bargain; however, their o ff ers are limited by the court. An accepted o ff er 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. 121
Powered by FlippingBook