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Probated Property - The Process

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

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Probate Process Overview
Probate Real Estate Sale Overview
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
Gather assets
File Inventory & appraisal form
Notice to creditors
Allowance/rejection of creditors claim
Months 3-6
Full Authority Sale (IAEA) - Interview qualified probate agent/broker - Determine list price (no court limitation) - Execute listing agreement - Market the property - Execute probate purchase agreement (acceptance of 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 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
1 Year
Receipt on distribution

CASE CLOSED

Testimonials

  • “Attorney’s themselves, The CREM team had the process dialed. After an unexpected family loss, we were in no condition to handle such a complicated transaction. From the very beginning, they laid out the process of the sale, their strategies to get it sold for the highest price and executed each phase just as discussed. Professionalism at it’s finest.

    Frankie C.

  • “Attorney’s themselves, The CREM team had the process dialed. After an unexpected family loss, we were in no condition to handle such a complicated transaction. From the very beginning, they laid out the process of the sale, their strategies to get it sold for the highest price and executed each phase just as discussed. Professionalism at it’s finest.

    Frankie C.

  • “Attorney’s themselves, The CREM team had the process dialed. After an unexpected family loss, we were in no condition to handle such a complicated transaction. From the very beginning, they laid out the process of the sale, their strategies to get it sold for the highest price and executed each phase just as discussed. Professionalism at it’s finest.

    Frankie C.

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