Contra Costa County Probate Sales
Selling a Home in Probate is a little different than normally Selling a Home. Here is a great post on Selling a Home in Probate. It was written by an Alameda Agent but is generally applicable in Contra Costa County.
For more information on Selling a Home in Probate or Just a Traditional Sale and Free Home Evaluation go to Home Point Real Estate.
PROBATE SALES
PROBATE SALES Probate sales of homes in California are regulated by the Court and they may have special requirements but are basically like a regular sale. This article concerns probates governed by the Independent Administration of Estates Act(IAEA).
The Administrator/Executor is exempt from providing a buyer with a Transfer Disclosure Statement, Natural Hazard Disclosure and Mello-Roos disclosures. The Administrator/Executor does not need to provide the Buyer with a completed Earthquake Guide and is exempt from providing the Buyer with smoke detectors. Of course Agents are not exempt and must provide all documents that are required of any sale. Additionally, local law may have requirements that the Seller may have to comply with. The Administrator/Executor should check with the municipality to determine their responsibility.
ESCROW REQUIREMENTS OF A PROBATE SALE: The title company will require that they are provided with the Order for Probate of the Estate, they will also request an original "Letters Testamentary" or" Letters of Administration", which ever applies. When the estate is governed by the Independent Administration of Estates Act(IAEA), usually there will be NO requirement for court confirmation of a sale.
The attorney for the estate must provide the title company with the following:
- An original 'Letters' with the Administrator/Executor's name and a letter that they have been granted full authority to administer the estate under the provisions of IAEA
- A copy of the Notice of Proposed Action for the sale of the property
- Letter from the attorney for the estate stating the following:
a. The Administrator/Executor has full authority and the full authority has not been revoked
b. That all of the individuals or entities entitled to receive notice have been given notice in a timely manner and that there were no objections lodged to the action.
c. There are sufficient assets to satisfy any federal and/or California taxes due.
- If the decedent used their Social Security number as their Tax ID number, then the estate will have to request a new Tax ID number.
This article is the first in a series concerning the sale of properties through court proceedings
CALL, TEXT OR EMAIL ME WITH ANY QUESTIONS YOU MAY HAVE ABOUT A SALE OF A HOME WHICH IS BEING PROBATED.
IF YOU ARE BUYING OR SELLING REAL ESTATE IN ALAMEDA, CALIFORNIA, I CAN HELP YOU
EVELYN KENNEDY, CRS, SRES, ePro
CALL ME AT 510-504-5612 OR VISIT MY WEBSITE FOR FREE ALERTS FOR HOMES IN ALAMEDA, OAKLAND, EMERYVILLE, SAN LEANDRO, SAN LORENZO AND CASTRO VALLEY
DRE#00979900
EMAIL ME AT EVELYN@EVELYNKENNEDY.COM
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