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How to sell a property in succession in CA

How do I sell a property in succession in California?

If you are looking for information on “How to sell a property in succession“In CA, or anywhere else fast, the best approach is to get an IAEA approved sale. (Remember, we do not provide legal advice. You should consult a competent local attorney). This approach gives you the greatest freedom to choose how you would like to sell the property. Often times, the court will significantly slow down the process if it does not obtain IAEA approval for the sale.

What is the Independent Asset Management Act (IAEA)? Why is it important if I want to sell a property in succession in California quickly?

Abbreviated as IAEA, this set of laws allows a personal representative to manage some or most of a decedent’s estate. The law was created to streamline the probate sale process, helping to liquidate properties faster and to help sell a property in probate faster. Any personal representative can request court authorization to sell the property without going through the usual lengthy and lengthy process of court approvals. This is usually done when probate proceedings begin, but can be done at any time. (Cal. Prob. Code Section 10400 et seq.). If the court grants authority through what is called Testamentary letters, some steps may change to the succession process. At this point, the court will waive most or all of its oversight of the sale.

What is the difference between limited authority and full authority? Will this affect how I can sell a property in succession or inherited property?

If you are given limited authority, you can take most actions without court approval. You cannot sell or opt for real estate without the supervision of a court with limited authority. You also cannot exchange or borrow money against property without the supervision of a court with limited authority.

If you have full authority, then judicial oversight is only required if the property’s personal representative or attorney is the principal purchasing the real estate. or if an objection is made to the Notice of Proposed Action (to sell the real estate). (Cal. Prob. Code Section 10501 (a)).

Does the court decide the price and conditions when real estate is sold under the IAEA in CA?

No. Under the full authority of the IAEA, as an administrator, you do not need to obtain court approval. The sale can be in cash or on conditions.

Is the manager or personal representative supposed to inform the heirs of the sale? If so, how do you notify the parties of the property?

Yes. The personal representative must file a “Notice of Intentional Action” to inform the heirs. The personal representative must notify the following persons of the sale, unless they have given written consent to the sale.

  • All named in the will

  • Each heir entitled by law to a part of the estate

  • The Attorney General if part or all of the property goes to the state

  • Other parties such as creditors or people with beneficial interest in a trust

How to notify the appropriate parties:

1. Complete the “Notice of Proposed Action” form. You can get them by going to court and asking for the form, or more conveniently, downloading one online. Just look on your local court’s website and they probably have one in PDF format. If they don’t have one online, the court will have one that they can mail to you or the court can print a copy for you.

2. Mail or personally deliver the notice with all attachments for each person at least 15 days before the date specified in the Notice of Intended Action.

You cannot send or deliver the documents yourself; You must have someone else handle the shipping or delivery.

The people who should receive notification are the following:

Each coin (if the decedent had a will) whose interest in the estate would be affected by the proposed action;

Each heir (if the decedent did not have a will) whose interest in the estate would be affected by the proposed action;

Each person who has submitted a Request for Special Notice; and

The Attorney General, if any portion of the estate is to be assigned to the State of California, and your interest would be affected by the proposed action.

You can also (and it is recommended that you do, if possible) have each person who receives the Notice of Proposed Action date and sign the “Consent for Proposed Action.”

3. The person who mailed or delivered the Notice must complete a Proof of Service. This is a simple form and can be easily found online.

How can a recipient of the Notice of Proposed Action object to the sale?

Anyone who should receive the Notice of Proposed Action can object to the sale by delivering or mailing a notice to the personal representative.

An objecting party can also request that the court order prevent the personal representative from making the sale without court supervision. The court must grant the request and can do so without notifying the personal representative.

If the personal representative has been given full authority under the IAEA, should it proceed with the sale under these terms?

No. You do not have to manage the estate under these laws. However, there are advantages to managing the estate under these laws. It is usually faster, there are fewer restrictions and more freedom when managing an estate under these laws.

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