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Matt McGilvray
Conservatorship
Similar to probate and trust sales, conservatorship sales in California are regulated by the Probate Code and conducted in probate court. A key difference is that in probate transactions, the property owner is deceased, whereas, in conservatorship sales, the property owner—referred to as the conservatee—may still be alive and often lives in the home being sold. The conservator acts as a fiduciary, managing the sale of the property on the conservatee’s behalf, typically to provide additional financial resources for their needs.
Matt McGilvray
Selling & Buying a Property in Conservatorship
Please explore the Sell and Buy sections for helpful information. Matt McGilvray invite you to contact him if you have any questions or would like to discuss the sale of property under conservatorship.
Selling a Property in Conservatorship:
Learn more about the process of selling a property in conservatorship.
Buying a Property in Conservatorship:
Discover the steps involved in purchasing a property in conservatorship.
Matt McGilvray
Selling Real Estate in Conservatorship
Please explore the Sell and Buy sections for helpful information. Matt McGilvray invite you to contact him if you have any questions or would like to discuss the sale of property under conservatorship.
Understanding Conservatorship and Court Oversight
- A conservatorship sale involves selling the property of an individual who is unable to manage their own finances due to incapacity (often an elderly person or someone with a disability). The court assigns a conservator to oversee the individual’s estate and financial matters.
- The sale of real estate in a conservatorship must typically be approved by the court to ensure that it is in the best interest of the conservatee (the individual under conservatorship). This requires extra diligence to document and justify the terms of the sale.
Court Petition and Notice Requirements
- The conservator (often with an attorney’s assistance) must file a petition with the probate court to obtain approval for the sale, detailing the proposed transaction.
- You must prepare for potential delays since court hearings, approval, and compliance with notices and legal requirements can be time-consuming.
- Notice of the sale may also need to be provided to interested parties, such as family members or other stakeholders, who may have the right to object.
Property Valuation and Appraisal
- Court requirements may include an independent appraisal to determine the fair market value. You’ll need to ensure the property is listed close to this valuation to avoid court rejection or the perception of undervaluing the estate.
Sale Process and Marketing
- Conservatorship properties are often sold in an auction-style process, with the initial accepted offer being subject to higher bids in open court. The “confirmation hearing” allows other interested buyers to submit overbids, ensuring the property is sold for the highest possible price.
- Be prepared to market the property in a way that attracts buyers who understand or are willing to participate in this unique process.
Bid Process and Court Confirmation
- Once you have an accepted offer, the sale must be confirmed in court, where other buyers can bid on the property. Familiarize yourself with the overbid process and ensure that potential buyers are clear about this.