Does The Administer Have Any Control Over Price When Real Property Is Sold Under IAEA?

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Does The Administer Have Any Control Over Price When Real Property Is Sold Under IAEA?

By |2018-04-15T16:48:14-07:00April 15th, 2018|California, Probate, Selling|0 Comments

Are the price and terms of a probate real estate sale are dictated by the courts? Under the IAEA, when the personal representative has full authority to administer the estate, the personal representative determines the terms and the price. Court supervision isn’t required in the sale. Court supervision also isn’t required during the overbid process under IAEA.

See, that law requiring the price of property to be set at at least 90 percent of the appraised value isn’t applicable under the IAEA. That doesn’t mean the personal representative can sell the property really cheap to an old buddy though. See, the personal representative does have a legal duty to all of the heirs and beneficiaries to get the most out of the estate’s assets.  So, the price and terms aren’t set by the court, but the personal representative still has the fiduciary responsibility to make sure that the real property sells for as much as possible.

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