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PROBATE
Legal title to property being acquired by will is subject to the control of probate court. The purpose of a probate hearing is to identify the creditors of deceased and pay off the creditors. If any property remains, the probate court determines the identity of the rightful heirs and distributes the remaining property. Probate action takes place in superior court, and the estate property may be sold during the probate period to cover any court cost.
If
probate sale takes place, a guidelines re set by
court: 1) The initial offer in a probate action property must be sold for tat least 90% of the appraised value of the property.
2) Once the initial offer is made, the court is petitioned to confirm the sale and at the hearing court may accept additional bidding.
3) The first bid must be an increase of at least 10% of the first $10,000 and 5% of any excess. |