Eloise Middleton
Oakland

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Trust and Probate Real Estate Services

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Eloise has the real estate trust and probate experience you need!


Eloise Middleton has 12 years of experience as California real estate agent.  She has years of experience in all sorts of transactions including Trust and Probate transactions that require special knowledge and handling. She is very experienced in handling any one of the following situations: Selling Property in a Trust, Selling a Home in a Trust, Estate Sale Property, Revocable Trusts, Irrevocable Trusts, or Real Estate in a Living Trust.



Trust and Probate Real Estate


When buying or selling a home in California the documents and disclosures when a property is in Trust or Probate are quite different than that of a standard home purchase.

Specialized knowledge in these documents, disclosures, and procedures is required. 

Some people think that because a house is being sold this way the typical real estate market prices no longer apply. But that is usually because the seller or her agent does not have the expertise to navigate all the applicable rules necessary to appropriately market these properties.

Clients of trust and probate sale properties have special requirements and need a special attention to detail that ordinary real estate agents do not have. Eloise will make your life easier in these often emotional situations.



Trust or Probate Real Estate Basics


So what are the procedures for selling a property in Trust? Well below is a basic outline of the steps that must be followed to achieve a successful transaction (not legal advice):

When a trust owns real estate you as a trustee, representative or executor have an obligation to make sure the property is preserved and secure. You are obliged to act for the benefit of the beneficiaries. This may include determining whether anyone currently residing at the property is legally entitled to be there, including starting eviction proceedings if necessary, making sure the proper insurance is purchased or maintained, and/or notifying the insurance company of the current ownership of the property.

When you have established the safety and maintenance of the property you can then focus on the disposition of the property. The process for selling or buying real estate in a trust or probate estate is very specific for each condition.

The disposition of such a property will be determined by the provisions within the Wills and Trusts.  The following are some examples:


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1. Selling the property and distributing proceeds.


A decedent can specifically direct the administrator/trustee/representative/executor to sell the property and distribute the proceeds to specific recipients. When this is the case the administrator is responsible for preparing the property for sale, finding someone like Eloise to market the property and negotiate the contract and closing.

The administrator is then responsible for deducting the costs of selling the property, including closing costs, taxes, and other expenses and distributing the remains of the proceeds to the beneficiaries of the Trust or Will.



2. Transferring the property to beneficiaries directly.


You’ll need to determine how the property is titled. Search the title to make sure the ownership of the property is in the name of the trust. Once you have determined the legal ownership of the property you will be in position to appropriately transfer it to the beneficiaries if legally permitted.


 

Selling probate or trust properties


This is where Eloise really shines. Often the selling such a property is dependent on selling the property in a timely manner. That is why it is important to have a real estate representative that knows the ins and outs of these types of sales. For example the “power of sale” is a very important factor in how the property can be sold. Eloise can assist you in determining where and if the “power of sale” exists for your property and whether you need a court to confirm or authorize that power.



The Contract


Finally, the most valuable document your real estate transaction will be the contract for sale and purchase.

In addition to taking into account all the conditions of the probate or trust, the contract will detail all the responsibilities of the buyer and seller for the property. If you are the administrator of a trust for example, the responsibilities outlined above must be satisfied before you can have a clean sale. It will be very hard to enforce a clean sale is a point is left out of the contract. If a point you negotiated is left out of the contract, it is likely you will not be able to enforce that point.

 


Conclusion


In conclusion take a look at some of the points above. This is not a legal guide to selling a property in probate or trust, but it is important for you to know that you have someone on your side who can navigate all the requirements necessary to have a clean sale when a property is in a Probate or Trust.

Whether you are the buyer or seller Eloise Middleton knows what it takes to get you sailing through the process with flying colors all while making sure your financial interests are supported!

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