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How is a county administrator involved with the sale of an estate?
Wiki User
∙ 13y ago
If the estate of a decedent needs probating and no one has come forward to administer the estate, then the county Public Administrator may petition to be appointed the administrator. They are required to perform their duties under the law as any administrator. They would need to petition the court for a license to sell the real estate. The proceeds would escheat to the state to be placed in a fund. If an heir ever comes forward and can prove their status as an heir they can make a claim for the net proceeds.
Wiki User
∙ 13y ago
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Is land sold need to be reported on taxes from an estate?
Yes someone is supposed to report the sale of the land from the estate and if pay any income taxes that may be due on the sale of the land from the estate. The trustee or administrator of the estate or the beneficiaries of the estate.
Can the administrator of an intestate estate sign the listing agreement for the sale of real property?
Yes, but generally, the Administrator needs to request a license to sell the real estate from the court in order to be able to execute a valid deed.
How do you sale a car when owner is deceased?
Only the administrator of the estate, or any person the car was willed to can sell the car.
If the attorney of an estate is also the personal representative of that estate can she sell the real estate and collect both the real estate commission and her attorney fees?
The real estate agent is the person who collects a commission on the sale of the real estate not the estate representative (executor/administrator). Generally a person who fills both roles, attorney for the estate and executor, can charge for both services.
What can be billed to a deceased's estate?
Expenses of administration. Attorney fees, storage costs, court costs, mileage, executor or administrator's fees, costs of sale of property, etc.
If both Heirs one being court appointed administrator are in agreement to sale real estate should it be sold by estate or transfer deed then sell?
You are asking a complicated question. You should consult with the attorney who is handling the estate. There may be tax issues that need to be considered.
How do you collect expenses from siblings after sale of inherited house?
The estate of the owner must be probated in order for title to the real estate to pass to the heirs, or, for an estate representative to convey legal title to any buyer. When the estate is probated the court will appoint an Executor if there is a will or an Administrator if there is no will. The court will issue Letters Testamentary or Letters of Administration. Those letters give the estate representative the authority to settle the estate according to the provisions in the will or/and the state probate laws, under the supervision of the court. The debts of the estate must be paid before any property or proceeds from a sale can be distributed to the heirs. In the case of an Executor, the real estate can be sold only if that power was granted in the will or by a license issued by the court. An Administrator must obtain a license to sell from the court. Since the estate representative has the power and authority to sell the real estate, and the authority over the estate, there should be no question regarding how to 'collect expenses' after the sale of the property. The expenses should be deducted before the proceeds are distributed. If the Executor or Administrator has distributed the proceeds prematurely, they must get funds back to pay the expenses or they will be personally responsible for paying those expenses due to their mishandling of the estate. Remember, the debts of the estate must, by law, be paid before any property can be distributed. If the house was sold by the heirs after the estate had been settled in probate, the proceeds should not have been distributed by the sibling who represented the family in the sale until the expenses were deducted. The person who handled the sale will be held personally responsible for paying the expenses incurred by the sale and they may have to sue their siblings for reimbursement.
How can you find real estate for sale by owner?
When real estate is being sold by owner it means that there is not an agency involved in the sale of the property. Homes that are for sale by owner are often listed in the classified section of a local newspaper, but there is a site that is dedicated to homes that are being sold by owners. The listings can be found on the "for sale by owner" website.
Does real estate sold to settle an estate usually sell for a low price?
Not necessarily. Estate real estate is like any other - based on location, location, location, condition, etc. Unless the sale is a distress for some reason. If there is an executor or administrator, or trustee, all of them have fiduciary obligations to the estate to get the best price possible.
What is the real estate definition for an estate sale?
An estate sale is a type of sale or auction to dispose of the majority of the materials owned by a person who is deceased or will be moving.
Can an estate administrator have power to invest estate money in getting estate ready for sale?
Yes, they have a duty to preserve and protect, as well as ready assets for disposition. If it is considered a reasonable investment, say putting a $5,000 roof on a home to improve its value by $10,000, no one is going to kick about it.
What is the meaning of a sales administrator?
sale admin
