How a probate real estate sale is different than a standard sale in California
A probate real estate sale in California is different from a standard sale in several ways:
Court supervision: The probate court oversees the sale of the property, whereas in a standard sale, the parties involved can negotiate and finalize the sale without court involvement.
Appraisal and marketing: In a probate real estate sale, the court may require an appraisal of the property and the executor or administrator of the estate may be required to market the property for sale to ensure that it is sold for fair market value. In a standard sale, the seller typically hires a real estate agent to market the property and determine the asking price.
Confirmation process: After the sale is complete, the executor or administrator must file a report with the court detailing the sale and requesting confirmation of the sale. The court will review the report and determine whether the sale was conducted properly and the price was reasonable. In a standard sale, there is no confirmation process.
Timeline: The probate real estate sale process can take longer than a standard sale because it involves court supervision and confirmation. The timeline for a probate real estate sale can vary depending on the complexity of the estate and the court's schedule.
Disclosure requirements: The executor or administrator of the estate must disclose certain information to potential buyers, including the fact that the sale is subject to court confirmation and any known defects or issues with the property. In a standard sale, the seller must disclose any known defects or issues with the property, but there is no requirement to disclose court involvement.
It's important to note that the probate real estate sale process can be complex and involve additional steps or requirements depending on the specific circumstances of the estate and the property involved. It's recommended to seek the advice of an attorney with experience in probate and real estate law in California.
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