Who Gets the House? Transferring Real Property under the Independent Administration of Estates Act (IAEA)
One of the main functions of probate is to endow the decedent’s real property with a marketable title. The sale of real property by the personal representative of an estate may be expedited under the Independent Administration of Estates Act (IAEA), which empowers the representative to administer many particulars of the estate without court supervision. The representative can petition the court for full authority under the IAEA. Rancho Cucamonga probate lawyers can assist you with this process.
Full authority under the IAEA
Full authority under the IAEA grants the representative:
- Full discretion to sell and exchange real property as well as secure a loan using the estate property and grant an option to purchase
- The ability to determine the price and the terms of the sale without reference to a specified percentage of the appraised value and without overbidding
- The authority to accept cash or credit
The “Notice of Proposed Action”
The personal representative must inform the persons named in the will, heirs in intestacy, creditors or trust beneficiaries and, under certain circumstances, the Attorney General of the pending sale of the estate’s real property 15 days prior to the date of the sale. The Notice must include the date, the representative’s contact information, a property description, the terms of the sale and brokerage commissions.
The effect of objections to a sale
Any party objecting to a sale may seek a restraining order from the probate court that prevents the personal representative from proceeding with the sale without court supervision. The court must grant this request, even though there may not have been notice to the representative or a demonstration of due cause. Thereafter, court supervision is required for any action taken with the property.
When the sale is court-supervised, formal publication of the notice of sale is required, the property must command no less than 90% of its appraised value, the sale must be confirmed by the court and a hearing conducted at which the sale may be overbid. San Bernardino probate attorneys will guide you through each step of this process.
The personal representative’s failure to act in the best interests of the estate during any stage of the probate process is cause for concern. If a dispute arises, experienced attorneys at Schlecht, Shevlin & Shoenberger, A Law Corporation, have the knowledge and skills needed to successfully advance your interests.
