While administering estates in California, personal representatives often find themselves faced with the task of selling real estate. Property that is owned by an estate and put up for sale must be handled in accordance with the rules and regulations of the probate court. Sometimes, requirements for selling real estate that is owned by an estate differ from a typical, non-probate sale. In other ways, the process is very much the same.
Using a Broker When Selling Real Estate
Similar to when real estate is sold by an individual, real estate sold by an estate does not automatically require the use of a broker. A personal representative of an estate can instead choose to market and sell the property without a real estate agent. During the transaction, the personal representative is treated as the seller. The personal representative markets and sells the property in a similar manner to an individual acting as a seller. If funds permit, the personal representative could potentially opt to hire a real estate agent in order to assist with this process. It is important to note, however, that if the personal representative does not have full authority under the Independent Administration of Estates Act, the terms, price, and ability to sell the property are subject to authorization of the court.
Unfamiliar with the Independent Administration of Estates Act? Our helpful article, “San Diego Probate Attorneys Explain the IAEA and Probate Real Estate,” provides an informative overview.
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AttorneyThe Grossman Law Firm, APC · 525 B Street, Suite 1500, San Diego, CA 92101 · (951) 523-8307