PROPERTY SALE PROCESS
• Appointment of an Administrator or Executor. Usually, the decedent’s will names an Executor accountable for distribution of assets, including real property. 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. • 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 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, newspaper advertising, 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. Buyers of probate property may 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. • The attorney for the estate applies for a court date. Also known as a “confirmation hearing” when the sale will be executed, the court date is usually within 30 to 45 days of
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