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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Virginia Petition for Court Approval of Real Estate Sale

Petition To Sell Real Estate

Name: Virginia Petition for Court Approval of Real Estate Sale
Brand: US Legal Forms
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Category:

Virginia Court Samples - Real Estate - Contracts - Court Approved Sale - Sample Case 2

State:

Virginia

Control #:

VA-CC-055-01

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A01 Petition for Court Approval of Real Estate Sale

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How to fill out Virginia Petition For Court Approval Of Real Estate Sale?

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FAQ

Why a home is sold through probate court 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.

A general rule of thumb is the more complicated the estate in question, the longer Grant of Probate will take to obtain. Prepare to wait anywhere between six to 12 weeks if the estate you are dealing with happens to be complex and taxable.

A person can expect for the probate process in Virginia to take anywhere from six months up to a year or more. Generally, there is a creditor period, so an estate cannot be completely distributed and closed prior to the expiration of the six-month period.

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.

Within 60 days after the hearing, the Commissioner of Accounts will file a report of sufficiently proven debts and demands with the court. Creditors have 15 days from the filing to file exceptions. There is no particular form or formality.

A petition for partition happens when one of the property owners pushes to sell a co-owned property to get their share of proceeds from the real property.

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.

If the deceased owned a property in their sole name Probate will generally be needed before it can be sold or transferred. If Probate is needed, the property can be put on the market and an offer can be accepted before the Grant of Probate has been obtained, but the sale won't be able to complete without the Grant.

A petition for partition can take 6 months to one year if ordered sold at the courthouse. The parties can always decide to sell through a realtor and the time will depend on when a buyer makes the offer.

Petition To Sell Real Estate

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