Are the price and terms prescribed by law when estate real property is being sold under the IAEA?
A No. Under full authority to administer decedent‘s estate, a sale of estate real property may be made at the price and on the terms determined by the personal representative. The sale is not subject to court supervision or the overbid process. The law requiring the price of estate real property to be at least 90 percent of the appraised value does not apply to sales under the IAEA. However, the personal representative still has a fiduciary duty to the beneficiaries/heirs of the decedent to maximize the estate‘s assets. Additionally, the sale can be for cash or on credit. (Cal. Prob. Code § 10503.) Q 38. Is the personal representative required to inform anyone of a possible sale of estate real property when it is being sold under the IAEA? A Yes, , the personal representative must give a “Notice of Proposed Action” when selling estate real property without court supervision (Cal. Prob. Code §§ 10510, 10511). The personal representative must inform the following persons and entities wit
