ImageThis is a continuation of my August 24, 2007 entry How Nevada Probate Affects Listings and Sales Contracts.

Listing Property during Probate. Real property can be sold during probate. That is prior to the real estate being transferred to the heir(s).  Per Nevada law 148.110 the personal representative of the estate can enter into an exclusive listing agreement. The commission must not exceed 7% for improved (that’s both residential and commercial) and 10% for raw land.

Warnings to Buyers.  If you are the listing agent, make sure and make a note in the agent to agent remarks that the “sale is subject probate court approval/confirmation hearing.”  Also, counter any offers with this same language.

Buying During Probate.  If you are the buyer’s agent, remember your purchase is subject to Nevada law 148.270 which requires that after the estate representative has agreed to sell, a hearing is held for Court Approval. The hearing is a public auction in open court.  Bids are accepted at this hearing as follows: if the sales price is less than $100,000, competing bids must be at least 5 percent of the sales price, if more than $100,000, then bids $5,000 above the sales price are accepted.  It is best that the buyer be present at the hearing. In the event the buyer’s contract is out bid at the hearing; that first buyer can participate in the bidding process to potentially save their purchase.

Real Estate Sales Commissions.  If the procuring buyer is outbid, the first buyer’s agent is still paid ½ of the real estate commission per Nevada law 148.120.

This is a continuation of my August 24, 2007 entry How Nevada Probate Affects Listings and Sales Contracts

Don’t hesitate to contact me with questions or a referral for a real estate – probate attorney.  darren@dwelshlaw.com

 

Advertisements