Is new appraisal required to sell property due to time that has passed since death?
01/03/2007 - Category:Wills and Estates - Probate - State: CA #75
Owner of real property was deceased intestate Sept. 2005 and administrator appointed. Appraisal completed 7 months ago. Is new appraisal required to sell property due to time beyond one year since deceased became deceased?
Section 10308 of the California Probate Code provides: sales of real property shall be reported to and be confirmed by the court before title to the property passes to the purchaser, whether the sale is a private sale or a public auction sale and notwithstanding that the property is directed by the will to be sold or authority is given in the will to sell the property.
Section 10309 of the California Probate Code provides: Unless given the power to independently administer the estate by the court,
(a) no sale of real property at private sale shall be confirmed by the court unless all of the following conditions are satisfied:
(1) The real property has been appraised within one year prior to the date of the confirmation hearing.(b) An appraisal of the property may be had at any time before the sale or the confirmation of sale in any of the following cases:
(2) The valuation date used in the appraisal described in paragraph (1) is within one year prior to the date of the confirmation hearing.
(3) The sum offered for the property is at least 90 percent of the appraised value of the property as determined by the appraisal described in paragraph (1).
(1) Where the property has not been previously appraised.
(2) Where the property has not been appraised within one year before the date of the confirmation hearing.
(3) Where the valuation date used in the latest appraisal is more than one year before the date of the confirmation hearing.
(4) Where the court is satisfied that the latest appraisal is too high or too low.
(c) A new appraisal made pursuant to subdivision (b) need not be made by a probate referee if the original appraisal of the property was made by a person other than a probate referee. If the original appraisal of the property was made by a probate referee, the new appraisal may be made by the probate referee who made the original appraisal without further order of the court or further request for the appointment of a new probate referee. If appraisal by a probate referee is required, a new probate referee shall be appointed, using the same procedure as for the appointment of an original referee, to make the new appraisal if the original probate referee is dead, has been removed, or is otherwise unable to act, or if there is other reason to appoint another probate referee.
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01/03/2007 - Category: Probate - State: CA #75
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