Legal Question in Wills and Trusts in California

selling real estate before probate closes

With full powers under IAEA, can personal representative sell real estate (residence) as soon as letters are issued? And what is the earliest the buyer can take occupancy? I.e., can escrow close with proceeds held in an estate escrow account awaiting final distribution to beneficiaries? Can a preliminary distribution be made and what percentage?


Asked on 7/28/08, 5:57 pm

1 Answer from Attorneys

Janet Brewer Law Office of Janet L. Brewer

Re: selling real estate before probate closes

Yes, generally a personal representative with full powers can sell the real estate as soon as s/he wants to.

It is a prudent idea to send the beneficiaries a "Notice of Proposed Action" that tells them how much you intend to list the house for, what firm you intend to hire as broker, what percent you intend to pay the broker, and other pertinent information about the sale. That way they can't complain later.

It is also a very good idea to have the probate referee appraise the house before you list it so you know what the Court thinks the property is worth.

NO distributions can be made without a court order, so even if the house is sold, the proceeds from the sale need to be held in an interest bearing account (more than one if the proceeds are more than the FDIC maximum) until the Judge okay's their distribution.

This information is not intended to substitute for professional legal advice and does not create an attorney-client relationship. You should accept legal advice only from a licensed legal professional with whom you have an attorney-client relationship.

Read more
Answered on 7/30/08, 2:37 am


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in California