Legal Question in Real Estate Law in California
Escrow process and pending probate
My husband and I are in escrow as the buyers of a home. One of the sellers of the home we are buying recently passed away. The remaining seller is now in probate. We still want to buy the house and proceed with the sale as does the remaining seller; however, we do not want to wait longer than 3 months for this issue to be resolved & escrow to close. Can we make a stipulation that we need escrow to close by a particular date, otherwise we pull out? Thanks.
4 Answers from Attorneys
Re: Escrow process and pending probate
I would have to learn more about your situation, but the sale may require court approval. You need to consult an attorney that is familar with both probate and real estate to give you an answer. We are experienced in both areas and would be happy to help if you contact our office.
Re: Escrow process and pending probate
Merely because the person passed away and the property, or their interest in the property is in probate should not adversely affect the sale of this property. The executor of the estate should immediately petition the court to allow the property to be sold pursuant to the contract with the decedent's share of the proceeds placed into an estate and town. That should not take more than approximately one month to get that on the calendar of the court and haven't approved. The contract is still in effect in the death of the individual does not affect the validity of the contract in any manner. You can enter into a stipulation with both the executor of the estate and the other owner of the property as you have stated but I would be very careful about the wording. Do not do that yourself. Hire an attorney who is well versed in real estate as well as estate planning to do this task. Those simple, you do not want something the you're due to screw up the works a later time. I have been practicing real estate as well as estate planning law in the San Francisco Bay Area for over 30 years. If you wish to consult with the I am and 925 -- 945 -- 6000.
Re: Escrow process and pending probate
You probably already have a clause in your purchase contract that gives you the right to terminate if the seller does not go forward. This is binding on the estate, as well.
It really shouldn't take three months to conclude the sale, even if in probate.
Re: Escrow process and pending probate
The contract is still valid, and check it for its term--that should put some pressure on the sellers to get the authority they need from the probate court to make the sale. If handled correctly, it should not delay the sale for long, if at all, but you need some assurance it's being handled.
The title company involved can let you know what's needed before they'll let escrow close, so have your agent contact it for their list of needed items.