Saturday, October 15, 2011

Selling Decedent Estate Property in California - Part One

SELLING ESTATE PROPERTY IN CA 

Experienced REALTORs® and real estate professionals in California who help trustees, decedent estate representatives, executors and administrators, to sell real property are familiar that good estate planning, including use of a REVOCABLE LIVING TRUST, transfer of property to such trusts, and why that's important.

When property in California is transferred to such a REVOCABLE LIVING TRUST, the eventual sale or disposition can usually be handled privately without court supervision and would avoid probate.

However, if decedent estate property in California is not held by such a REVOCABLE LIVING TRUST, that property would become subject to the California Probate Code and distribution according to probate court rules.

The California Probate code requirements for decedent estate representative hiring and using a real estate broker or agent are as follows:  

California Probate Code 10150.  (a) The personal representative may enter into a written contract with either or both of the following:

(1)  A licensed real estate broker to secure a purchaser for any real property of the estate. The broker may associate other licensed real estate brokers for this purpose, including use of a multiple listing service as defined in Section 1087 of the Civil Code.

(2)  One or more agents or brokers to secure a purchaser for any personal property of the estate. If the particular property to be sold or the particular manner of sale requires that the agent or broker be licensed, the contract may be made only with an agent or broker that is so licensed.  

(b)  The contract may provide for payment of a fee, commission, or other compensation out of the proceeds of sale, but the contract is binding and valid as against the estate only for such amount as the court allows pursuant to Article 3 (commencing with Section 10160).  No liability of any kind is incurred by the estate under the contract or a sale unless the sale is confirmed by the court, except for the obligations of the estate to the purchaser of personal property as to which title passes pursuant to Section 10259 without court confirmation or approval.  The personal representative is not personally liable on the contract by reason of execution of the
contract.  

(c)  The contract may grant an exclusive right to sell property for a period not in excess of 90 days if, prior to execution of the contract granting an exclusive right to sell, the personal representative obtains permission of the court to enter into the contract upon a showing of necessity and advantage to the estate. The court may grant the permission when the personal representative is appointed or at any subsequent time upon ex parte application.  The personal representative may execute one or more extensions of the contract granting an exclusive right to sell property, each extension being for a period not to exceed 90 days, if for each extension the personal representative obtains permission of the court upon ex parte application to extend the contract upon a showing of necessity and advantage to the estate of the extension.

TRUST AND PROBATE PROPERTY

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My article here - "Selling Decedent Estate Property in California" - is part one in a planned series.

Professional REALTOR® agent representation and help for private trust estate representatives, estate administrators and executors, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, and bankers, with listing and sale of trust and probate estate properties at Orange County, CA 

HARRISON K. LONG - REALTOR® and broker associate, GRI – Coldwell Banker Residential Brokerage - 949-854-7747 (phone) – ExploreProperties@gmail.com (email) - CA DRE 01410855 – SFR short sale and foreclosure resource certified by the National Association of REALTORs® – now serving as an appointed director at California Association of REALTORs® - also a lawyer licensed by the California State Bar, member 69137.

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This is for information only and not the providing of legal or tax services.  You should always contact an estate planning and tax lawyer in California for advice and direction about your own situation.  If you are an estate representative in California with property to sell, please contact us about listing and selling of real estate at Orange County CA. 

Posted via email from Explore OC Homes

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