Posted by Ronald * Starr(in No CA) on October 01, 2003 at 23:54:39:
IB–(NJ)------------
A question for an attorney in the particular state where the probate is and the property is, in my opinion.
However, here in CA answer is that the other heirs do not have to sign off. The personal representative of the estate would sell the property and then the heirs could line up for their money. They would have to sign a receipt for their money.
In CA the usual procedure for selling a property is through court approval. The property is put up for sale and some offer is accepted. That offer is then taken before the judge in open court and the judge asks anybody else who wants to bid on the property to step up. There is a public auction. The high bidder gets the property.
There is a fairly recent procedure called the independent administration act or something similar. The sale does not have to go before the judge and a public auction. Whoever the estate respresentative agrees to sell to can buy at the agreed price.
Here in CA, there is an appraisal of the property value and it cannot sell for less than 90% of that value. If it cannot be sold for that, the appraiser is told about the problem and asked to reevaluate the property. The idea to protect the heirs from collusion between the attorney and the buyer or the representative and the buyer.
The laws may be different in other states.
Good InvestingRon Starr****