An escrow is the deposit of a written instrument or something of value with a third person with instructions to deliver it to another when a stated condition is performed or a specified event occurs. The use of an escrow is most common in real estate sales transactions where the grantee deposits earnest money with the escrow agent to be delivered to the grantor upon consummation of the purchase and sale of the real estate and performance of other specified conditions.
Sales of real property in probate refers to the process of selling properties that are part of an estate in probate. Probate is the legal process that takes place after a person's death, where their assets are distributed to beneficiaries or heirs. In probate cases involving real property, such as houses, land, or commercial buildings, these assets often need to be sold in order to settle the deceased person's debts or distribute the proceeds to the beneficiaries. This process is overseen by the probate court to ensure a fair and orderly sale. There are a few different types of sales of real property in probate that may occur: 1. Auction Sales: In some cases, the court may order an auction to sell the property. This involves inviting potential buyers to bid on the property, and the highest bidder will be awarded the sale. 2. Private Sale: In other situations, the court may approve a private sale of the property. This can involve listing the property for sale on the open market, with the assistance of a real estate agent, or selling it directly to an interested party. 3. Sale by Executor or Administrator: In certain instances, the executor or administrator of the estate may have the authority to sell the real property without court approval. This usually occurs when the deceased person's will specifically grant the executor or administrator this power. 4. Partition Sales: If there are multiple beneficiaries who each have a stake in the property, and they cannot agree on how to divide it, the court may order a partition sale. This involves selling the property and dividing the proceeds among the beneficiaries based on their ownership interests. It is important to note that the specific rules and procedures for sales of real property in probate can vary depending on the jurisdiction and local laws. Executors, administrators, and beneficiaries involved in these sales often seek legal advice to ensure they adhere to the necessary legal requirements and maximize the value of the property being sold. Keywords: sales of real property, probate, estate, beneficiaries, heirs, auction sales, private sale, executor, administrator, partition sales, probate court.
