Roseville, California. John Palley will be the main speaker at the Placer County Association of Realtors Lunch and Learn meeting on March 16, 2018. He will be talking about real estate sales in probate cases. His entire outline is below. Here’s the video for you to check out on YouTube.
Placer County Association of Realtors – March 16, 2018
By: John B. Palley, Esq.
- John Palley – Meissner, Joseph & Palley
- John is 100% probate attorney
- Offices in Sacramento, Roseville and Davis
- Practice throughout California
- John Palley is a Certified Specialist in Estate Planning, Trust and Probate
B. Real Estate sales in probate cases
II. How Does a Real Estate sale become a Probate real estate sale?
- Most commonly there is no LIVING TRUST involved
- In some cases it’s avoided by a deed (joint tenancy or CP with ROS)
- Wills – Simple but some type of probate required when there is real estate
- Other Estate Planning (LLC’s, FLPs and QPRTs)
- Don’t forget title companies make the law but are not perfect
III. What is Probate
- Generally speaking – Probate Court involvement
- Different options if assets worth less than $150,000
- Formal Probate is a 7 month (or more) process
- The probate code (pc) and the Judge create a formal process
- The PC lays out strict guidelines for collecting assets & dealing with creditors
IV. Real Estate sales in Probate Administration
- Million Dollar Question: When can you sell property in probate?
- Listing Agreements – Probate form recommended but not required – 90 day ;o,ot
- Probate Sales Form and Probate Advisory Form
- Short Sales in Probate? (Protecting other estate assets)
- Key Point in Probate: IAEA v. Non-IAEA (PC 10452 v. PC 10309)
- Selling Upside Down Houses in Probate – PC 10360 et seq.
- Realtor should not be related to PR and not purchase estate property
- Notice of Proposed Action and/or Court Confirmation (waiver is possible)
- Document all marketing and pricing work very carefully
- Commissions – same as any other real estate deal
- Disclosures that are not provided in probate: The Transfer Disclosure Statement, The Seller’s Questionnaire, Earthquake Booklet, Earthquake Questionnaire, signature on the Natural Hazard Disclosure but the report needs to be provided, and Smoke Detector form.
- Disclosure that are required in probate: Lead Based Disclosure, Data Base Disclosure (Megan’s Law), Water Heater Disclosure and strapping, and anything actually known.
VI. Probate isn’t over yet
- Just because the house closes probate isn’t over
- Explain the rest of the probate process
- Final accounting
VII. Probate Listings
- Some ideas for helping YOU get more probate listings
- Working with a qualified probate attorney will make you look good.
- Contact me with any questions!
John B. Palley, Esq.
THINGS A PROBATE/TRUST LAWYER LIKES TO SEE IN A
REAL PROPERTY SALE
1) Market Analysis Report in writing
2) Probate Listing Agreement
3) Marketing Plan
4) Keep detailed log of all marketing and offers
5) Use of Probate Sales forms
6) Fax/email agreement once fully signed
7) Title company information to attorney
8) At least 20 (or 45 – trust) days for escrow unless discussed beforehand
9) Final closing statement
10) Plus, everything you would do for a “regular” client!