What does court approval mean in real estate?

Court Approval Required: The court must approve any offer prior to a transfer of ownership. Generally, court approval is required if there's concern that the home's price is not representative of fair market value. Examples are bankruptcy sales, probate sales, and guardianship sales.

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Michigan Petition Regarding Real Estate Dwelling

Michigan Petition Regarding Real Estate Dwelling

Name: Michigan Petition Regarding Real Estate Dwelling
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.65 (364 reviews)

Category:

Michigan Probate - Statewide - General

State:

Michigan

Control #:

MI-PC-646

Format:

Instant download

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Description

This Petition for Approval of Sale of Real Estate is an official document from the Michigan State Court Administration Office, and it complies with all applicable state and Federal codes and statutes. USLF updates all state and Federal forms as is required by state and Federal statutes and law.

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Yes, but the proceeds from the sale may not be dispersed exactly as you would assume. If you're the executor of an estate, you can sell real estate held by the deceased provided that it was not willed to a beneficiary to help cover probate costs.

Executors have also traditionally set fees as a percentage of the overall estate value. So for example, a $600K estate which required 850 hours of work might generate $22K in executor fees (see calculator below). The executor may pay himself or herself this compensation as earned, without prior court approval.

Determine Your Priority for Appointment. Receive Written Waivers From Other Candidates. Contact Court in the County Where Deceased Resided. File the Petition for Administration. Attend the Probate Hearing. Secure a Probate Bond.

A home is sold in probate court when someone dies intestate or without bequeathing their property. When that happens, the state takes over and administers the property's sale. The court wants to be certain the property is marketed and sold at the best possible price.

Many executors are able to wrap up an estate themselves, without hiring a probate lawyer.Many executors decide, sometime during the process of winding up an estate, that they could use some legal advice from a lawyer who's familiar with local probate procedure .

If an estate doesn't go through probate and it is a necessary process to transfer ownership of assets, the heirs could sue the executor for failing to do their job. The heirs may not receive what they are entitled to. They may be legally allowed to file a lawsuit to get what they are owed.

Court Approval Required: The court must approve any offer prior to a transfer of ownership. Generally, court approval is required if there's concern that the home's price is not representative of fair market value. Examples are bankruptcy sales, probate sales, and guardianship sales.

File the form, the decedent's will (if there is one), and a certified copy of the death certificate with the county probate court where the decedent lived. If the decedent did not live in Michigan but owned real property in Michigan, file the documents in the county where the real property is located.

Michigan statutes provide no specific requirements an executor must meet, and you are free to name any adult that you trust as your executor. The court must appoint that person unless someone else challenges your choice of executor and there is clear evidence that he or she is incompetent or unsuitable to serve.

Michigan Petition Regarding Real Estate Dwelling

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