Managing the Probate Process

Limited Authority requires the Order for Probate, Letters, Notice of Publication, and the Probate Referee's Value. The attorney will need to publish the Notice of Sale in a local newspaper during the probate process. The publication must run in the newspaper at least three weeks. 

Once the publication has run and the probate referees' value is obtained, the personal representative may accept an offer; however, property's sales price must be within 90% of the probate referees' value. The required Earnest Money Deposit must be 10% of the purchase price, and the buyer must clear all contingencies. 

Once the buyer removes all the contingencies (except the Court Confirmation), the attorney will prepare the Report of Sale and Petition for Order Confirming the Sale of Real Property. The petition discloses the real estate agent commission percentage, sales price, subject property's address, probate referees value, 

earnest money deposit, and the formula for the minimum overbid. At the hearing, the court becomes a public auction (known as overbidders) for anyone interested in the decedent's property. The overbidders must show proof of funds and have a cashier's check for 10% of the minimum overbid. 

After the auction, the winning bidder must provide cashier checks payable to the estate directly to the attorney. Lastly, the attorney is to file the Order Confirming Sale of Real Property, which is to be signed by the judge.