Selling a Property in Probate Full Authority vs Limited Authority

So now that you are entering the probate process, you’re hearing terms such as Full Authority Limited Authority, and Independent Administrative Authority. What’s the difference? Keep watching and find out! If possible, you, as the Administrator or executor of the estate, ideally, you want to have Full Independent Administrative Authority. This will allow you to sell the assets in the estate, in this case, the property, without having to go through the courts to gain approval. The full authority also allows you to avoid the overbid process and court confirmation. Limited Authority is less than ideal if you are dealing with the estate and assets within. With Limited authority, you will have to sell the property within 90% of what the evaluation of the Referee, assigned by the court, values that property at. Once you have an offer from the buyers, you will have to have court confirmation on the sale of the property. Another gotcha of limited authority is there is an ‘overbid’ process that will happen at the court confirmation. This is where some additional buying party can come in and offer a higher price even after you’ve been in contract with another buyer for months. With Limited Authority, It can take months for this whole process to run its course. Whereas with full authority, it is a much quicker and more efficient process, much like a regular home sale transaction. I would highly recommend using a qualified attorney, who specializes in Probate and estate planning, to avoid any unnecessary issues regarding Full authority vs Limited Authority. Let me know if you need a referral to a great probate attorney. I hope this has been helpful to you. Should you have any questions, please feel free to reach out to me. You can contact my Team and I at # 858-336-1114 or send email to [email protected]