Legal Question in Wills and Trusts in California
Estate Sales etc.
im going through lengthly probate proceedings right now.am awaiting for the final distribution.the probate referee has stated that he has been paid and his job is done.this would leave one to beleive that the closing is near right?
the estate(house)was sold 4 months ago but there are no records of it being recorded.is this strange or not?while on the web browsing i oftentimes check the real estate listings just out of curiousity.well,i come upon some properties of interest and one of them turns out to be the estate i mentioned earlier.it is offered at a price $100,000.00 higher than it was said to have been sold for prior.i am having a problem understanding this it was appraised at $350,000.00 by the probate referee for the ESTATE INVENTORY REPORT.then it supposedly sells at $425,000.00.the transaction is not recorded w/county registrar.now the property has improvements made to it and is up for sale $525.000.00 more or less.is that a common practice or not.thanks for your consideration.
2 Answers from Attorneys
Re: Estate Sales etc.
It's difficult to say without more facts, but it sounds like the executor/administrator sold the house for $425,000--there should have been "Notice of Proposed Action" regarding the same sent to you or notice and a court confirmation/hearing on the sale. It's not unusual for a house to sell for more than the probate referee's appraisal, especially because the appraisal is the "date of death" value, not the current fair market value.
As for the new owner selling it, rehabilitating houses and quickly re-selling them is not unusual in this market. I can't explain the title change not being recorded, but this should be explained in the estate's accounting.
Re: Estate Sales etc.
Was the sale of the house done with or without court supervision? And was there an order approving the sale? Do you know if the personal representative has the authority to act under the Independent Administration of Estates Act (I'm assuming you are not the personal rep). It does seem strange that the sale wasn't recorded. Not sure what source you are looking at, but if it is not the County Recorder, the other record may not be up to date. In this market, it may or may not be strange for the new owner to put the house up for sale. Does it say who is selling the house? The estate? the new owner?? Sorry for so many questions in response to yours, but you may certainly call or email me directly if you wish and I will try to answer your questions. The fact that the Probate Referee is finished does not necessarily mean the estate is ready to be closed. Pretty sure from your question that four months have passed since the issuance of Letters of Administration, but not sure if all creditor issues, if any, have been resolved, tax returns filed and paid, etc. Again feel free to call or email if you wish. Sincerely,
Joan J. Bennett
(714) 921-3216
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