Selling a property through probate or as a trustee can feel daunting. The process is governed by court rules that aim to protect heirs and creditors while maximizing value. Understanding the steps involved will help you avoid delays and ensure compliance. Here’s an overview of the probate sale process in Nevada and how a seasoned Realtor can help.
When someone dies without a living trust, their estate may go through probate. A probate sale involves selling a decedent’s property under court supervision. The **personal representative** (executor or administrator) signs the listing agreement and is responsible for following statutory procedures.
1. **Hire an attorney and Realtor:** The personal representative hires an attorney to handle court filings and a Realtor experienced in probate sales to list the property.
2. **Publish a notice of sale:** A notice of the sale must be published in the **Nevada Legal News** for **three consecutive weeks**. This alerts potential buyers and satisfies legal requirements.
3. **Obtain an appraisal:** The estate must get an independent appraisal to establish fair market value. Offers generally need to be at least 90 % of the appraised value.
4. **Accept an offer subject to court confirmation:** The personal representative can accept an offer, but it’s contingent on court approval. The purchase contract must note that it’s **subject to probate court approval**.
5. **File a petition for confirmation:** Within **30 days** of accepting an offer, the attorney files a petition with the probate court. This petition includes the accepted offer and asks the court to confirm the sale.
6. **Attend the court hearing:** At the hearing, the judge reviews the sale terms and may allow **overbids** from other buyers. Overbids must exceed the accepted offer by a minimum amount set by statute. If an overbid wins, the estate refunds the original buyer’s deposit.
7. **Close escrow:** After the court issues a **certified order**, escrow can close. The order must be recorded before funds are disbursed.
If the decedent had a living trust, the successor trustee may sell property without court supervision. However, trustees still must act in the best interests of beneficiaries and follow trust provisions. Probate rules often serve as a helpful checklist even when court approval isn’t required.
The listing agreement and sale must reflect that commissions are **subject to court approval**. Probate courts typically limit Realtor commissions to **no more than 7 %**. Marketing, staging and repair costs may be reimbursed from the estate but should be approved by the attorney or court.
* **Work with specialists:** Choose an attorney and Realtor who have handled probate transactions. They’ll guide you through court requirements and overbid processes.
* **Communicate with heirs:** Keep beneficiaries informed about the timeline and offers. Transparency reduces conflict.
* **Price strategically:** Overpricing can deter buyers and lead to lower overbid participation. An experienced agent will help set an attractive price based on the appraisal and market conditions.
* **Plan for a longer timeline:** Probate sales take longer than standard transactions. Build extra time into your expectations, especially when overbids or court schedules cause delays.
Probate and trustee sales involve unique legal steps—from publishing notices to obtaining court confirmation. Understanding these requirements and hiring professionals who specialize in probate will help ensure a smooth sale and maximize proceeds for heirs. If you’re an executor or trustee in Las Vegas, contact us for assistance. Our team has navigated numerous probate and trust sales and can guide you through the process with compassion and expertise.