SELLING REAL ESTATE DURING PROBATE

THE PROCESS

An overview of what to expect while selling real estate during probate.

• PHASE #1

  Appointment Phase

  Months 1-2

• Start

  File Petition for Probate

• Notice of 1st Court hearing date published in newspaper.

• 5-6 Weeks

  Hearing Date

• 2 Months

  Letters Issued By Court

  Order for Probate
  Duties & Liabilities
  Issue Bond

• PHASE #2

  Administrative Phase

  Months 2-9

• Months 3-6

  Full Authority Sale (IAEA)

  Interview qualified probate agent/broker -
  Determine list price (no court limitation) -
  Execute a listing agreement -
  Market the property -
  Execute probate purchase agreement (acceptance of the offer) -
  Distribute Notice of Proposed Action - 15 days -
  Open Estate Bank Account -
  Close Escrow -

• Months 6-12

  Limited Authority Sale (IAEA)

  - Interview qualified probate agent/broker
  - Determine list price (according to 90% Rule)
  - Execute a listing agreement
  - Market property
  - Notice of Sale
  - Execute probate purchase agreement (acceptance)
  - Report of sale & petition for Order Confirming Sale
  - Notice to buyer, beneficiaries, interested parties
  - Court hearing and over-bidding process (10% min. overbid deposit)
  - Court order
  - Close escrow

• PHASE #3

  Close Phase

  Months 9-12

• 9 Months

  Petition for Final Distribution

• 10 Months

  Court Hearing

  - Order for Probate
  - Duties & Liabilities
  - Issue Bond

• 1 Year

  Receipt on distribution

  CASE CLOSED
  

*These timelines are intended to be rough estimates and can vary depending on a number of variables.