What is Trust & Probate?
What Qualifies A Realtor
When is a Real Estate Agent qualified to sell a property through Trust / Probate/ Conservatorship?
A Real Estate Agent who has experiential knowledge in the field of Trust/Probate/Conservatorship sales will likely have a greater degree of understanding regarding the proper California Association of Real Estate forms in which to employ. In addition, familiarity with Title Company requirements, Trustee/Administrator, Professional Fiduciary & Attorney needs can assist for a smooth transaction.
Realtor Selection Process
How is a Real Estate Agent selected by a Trustee, Executor or Administrator?
Pertinent questions pertaining to knowledge regarding proper Trust/Probate Real Estate procedures, property preparation & disclosure, pricing strategy, pre-market considerations, effective marketing, multiple offers, escrow & closing plan are a good idea when interviewing the right Agent for the job.
Preparations For Selling
What steps are involved in the preparation of the Real Property for sale?
Importance in ‘setting the stage’ & marketing expectation for each individual property taking into consideration the current market conditions is critical. Sometimes cleaning up the property with flooring & paint improvements can yield big dividends if the Estate has allocated resources.
The Family Process
Which steps are involved in the preparation of the family with regards to the sale of Real Property?
Working with heirs & beneficiaries can require extra care as each individual case dictates. Family occupied properties, tenant issues, out-of-area beneficiaries, Notice of Proposed Action plans, project managing, frequent communication, technology considerations all can play an enormous role in properly serving Client’s needs.
Possible Pitfalls
What are potential pitfalls in a RE transaction involving Trust Administration/ Probate/ Conservatorship?
Familiarity with Title Company procedures & requirements or lack of could potentially derail an otherwise smooth transaction. Marketable title, HOA transfers (if applicable), comfort letters, death certificates, Trust Certification, Letters of Administration, delinquent taxes or mortgage payments can all affect each and every step of the process.
Foreclosures & Conservatorships
What happens when Trust/ Probate/ Conservatorship Real Estate simultaneously enters the foreclosure process?
Navigation through & having experience with the foreclosure process & timelines, knowledge of 3rd party borrower authorization forms, proper Seller disclosure & constant communication with all parties are key to avoid a surprise Trustee Sale.
Transferring Title
What does Title & Escrow need to successfully transfer title at close of the sale?
Familiarity with Title Company procedures & requirements or lack of could potentially derail an otherwise smooth transaction. Marketable title, HOA transfers (if applicable), comfort letters, death certificates, Trust Certification, Letters of Administration, delinquent taxes or mortgage payments can all affect each every step of the process.
Minimum Overbid Calculations
What is the calculation for a minimum overbid regarding the sale of Real Property through the Court Confirmation process?
When a Probate sale is set for Court Confirmation, it will be subject to an overbid process. The Probate Code sets the first overbid amount minimum as a formula of the original bid being brought for confirmation by the Court & is set by statute according to the California Probate Code: the original bid by 10% of the first $10,000 and 5% of the excess.
