The Objectives of Probate are:

1.)  To establish the validity of a will or other nontestamentary depositions of property      2.)  To establish the property identity - Heirs and Devises      3.)  To protect the rights of creditors. To provide for the payment of taxes      4.)  To preserve property during legal process      5.)  To distribute property to appropriate parties

Title of the Probate (The Estate of Deceased):      1.)  Title      2.)  Legal Control      3.)  Posession

Overbids:

If a person is interested in purchasing the property but did not have the bid that was returned to the court for confirmation, that person may appear at the hearing and make an overbid. Normally, overbids are offered at the hearing verbally. At the consummation of the confirmation hearing, the successful overbidder will be required to execute the bid in writing. Some Probate Courts have forms satisfactory to fulfill the requirement that all bids must be in writing. In addition, the successful overbidder will normally be required to submit a deposit of 10% of the overbid amount. The executor/administrator or the counsel, will be required to be at the confirmation hearing to accept such deposits. There is a statutory formula for the first overbid (Section 10311(a) ). It is an additional amount equal to 10% or more, on the first $10,000 and 5% on the amount of the original bid in excess of $10,000.

Example:                    Original Bid Returned for     =  $100,000                                  Confirmation     =  $1,000                            First Overbid must be     =  $4,500                                    10% of $10,000     =  $105,500                                      5% of $90,000                                     TOTAL

Once such a minimum overbid has been made and received by the court, the court will ask for any further overbids. Normally, the judge will establish minimum increments as to additional bids. Any overbids are considered as to their gross amount without regard to any commission payable to an agent as a result of the sale being made to the overbidder (Section 10311(e) Probate Code).

The Transaction:

The sale of a probate property is not like a normal residential sale. The transaction has stringent rules and regulations which the Listing Broker and their Agents must ashere to. Some examples of these rules and regulations are: