Purchase Agreement Before Probate Is Completed California
If a person passed away, from what I've heard in the state of California, it looks like the family has to wait a mini of 40 days before they can proceed with the estate hearing.
If I knew that the person who passed away (Person A) has left the will of the property to one of the family member (Person B).
My question are:
1) Can I enter into a purchase agreement with Person B prior to the estate hearing with the contingency that Person B inheriting the property?
2) How long can you extend the purchase agreement? I typically see 30 - 45 day but have heard of 90 days before.
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#4 Marketing Your Property Contributor
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- Greater LA/Orange County area, CA
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#4 Marketing Your Property Contributor
- Lender
- Greater LA/Orange County area, CA
if the gross value of the estate at date of death is over $150K, you'll need a formal probate. No getting around that if you must go the probate route.
They could probate under IAEA with full powers. That will help expedite, once Letters are issued.
If your seller has assigned their interest to you, then you can just wait out any delays rather than needing to extend your contract.
It's all about how you control your deal.