James Boyd - Probate Real Estate Broker

James Boyd - Probate Real Estate Broker

CHECKLIST FOR SELLING A PROBATE PROPERTY​

You’ve been entrusted to sell a probate property. Selling a probate property is complicated and different from a regular real estate transaction. Here’s a checklist for selling a probate property:
  • Obtain Letters of Administration or Testamentary from the court.
  • Make sure all heirs have been issued Notice of Proposed Action (NPA) or waiver if applicable.
  • Obtain certified letters from court and issue to title company before close of escrow.
  • If court confirmation is required, coordinate all requirements for overbid at Superior Court.
  • Complete Claim for Reassessment Exclusion for Transfer Between Parent and Child if applicable.
  • Obtain preliminary title report to determine any unforeseen liens or encumbrances.
  • Order NHD report, is the property located in a seismic hazard zone or flood zone?
  • Comparable market analysis submitted to probate referee for inventory and appraisal.
  • Order termite report to determine any existence of infestation.
  • Prepare all disclosures pertinent to probate for buyer’s signatures.
  • Fully executed Megan’s law, lead based paint, material facts disclosures.
  • Will an estate sale be required to clean up property and get ready for market?
  • Does it need any repairs? Does it need to be cleaned and eliminated of clutter?
  • Coordinate buyer’s appraisal for inspection.
  • Coordinate buyer’s physical inspection.
  • Is water heater strapped and meets all mandatory and statutory laws?
  • Are smoke and carbon monoxide detectors installed correctly and meet all compliances?
  • Does buyer have the proper down payment, and can they qualify for their loan?
  • Does the buyer have Desktop Underwriting approval from their lender?
  • Verification that buyer’s deposit is wired to escrow.
  • Is the buyer meeting all deadlines and performing due diligence in a timely fashion?
  • Verification that property and estate are not subject to estate taxes.
  • Have all contingencies including loan approval signed off by the buyer and meet all deadlines.
  • Obtain section 1 termite clearance from pest control company.
  • Have Agent’s Visual Inspection Disclosure (AVID) signed off by buyer and seller.
  • Complete Sellers Affidavit of Nonforeign Status and/or California Withholding Exemption.

Sound confusing? Want a probate expert on your side? Contact James Boyd with Probate-Realtors.com at 714-878-6822 or james@probate-realtors.com. I have over 25 years of experience handling complicated probate transactions, and the knowledge you need to protect your asset, and make you more profit.

Probate-Realtors.com

James Boyd – Probate Real Estate Broker

License: 01160377 Equal Housing Opportunity