Selling Real Estate During a Riverside Estate Administration: Six Facts
Oftentimes, during a Riverside probate administration, assets must be sold and the proceeds distributed to the beneficiaries or heirs of the estate. Real estate is one such asset that a personal representative or trustee may find themselves needing to sell as part of their duties. As with any other action taken during a probate or trust administration, it is very important that the personal representative or trustee be familiar with the applicable laws relating to the sale. Making a mistake could be costly to the estate and could create a potential for liability. The following are six facts about the sale of real estate during a California estate administration:
- If the property is held by a revocable trust in California, it may not need to go through probate proceedings.
- Despite not having to pass through probate when real estate is owned by a trust, the personal representative or trustee may still need to make a filing with the county recorder’s office in order to remove the deceased’s name from the title.
- If the deceased owned an interest in real estate with a spouse, it may be possible to file a spousal petition rather than having to go through probate. Examples where this may be the case include where the decedent’s will left the property entirely to the surviving spouse or where the deed for the property listed the spouses as joint tenants with rights of survivorship.
- Generally, in order to sell real property that is part of a probate estate in California, the administrator must obtain court approval and provide notice to those who have an interest in the estate.
- In many cases, there is a minimum sales price that can be accepted. This minimum amounts to 90% of the appraised value.
- If the property is in pre-foreclosure, extra precautions and steps must be taken. It is vital that you consult a Riverside probate attorney to ensure that you are providing notice to all of the necessary parties. To learn more about how a foreclosure impacts the sale of a home during probate, view our article Foreclosure and Probate in California.
The sale of real estate is just one part of the probate administration process. Our free guide Probate a Will or Administer a Trust After the Loss of a Loved One provides an overview of this process. For guidance in administering an estate, contact an experienced Riverside estate attorney today. Call the Grossman Law Firm at our toll-free number (888) 443-6590.
The Grossman Law Firm, APC · 525 B Street, Suite 1500, San Diego, CA 92101 · (951) 523-8307