In some cases when a person dies, the estate left behind by them receives handling through the probate process. And with such cases, the probate court comes into play. In fact, very specific legal details and protocols fall under the whole process. Of special not among these are Full Authority and Limited Authority. As a result, this blog will focus on full vs limited authority probate, starting with Letters of Testamentary.
Letters of Testamentary come from the probate court. And, the court delivers them to the executor of the estate, who is stipulated in the will of the deceased. These documents are meant to enforce the terms of the deceased’s will. Once a person receives them, they are granted either limited or full authority by the probate court.
Difference Between Full vs Limited Authority Probate
With full authority probate, a pending sale leads to the escrow proceeds being handled much like any standard real estate transaction. And, the property sale normally completes after a 30-day escrow. Although within that 30-day period, the executor’s attorney must file a Notice of Proposed Action (NOPA). It serves the purpose of publicizing the sale of the property. In fact, the NOPA itself has a 14-day publication period. After that, provided no objections to the sale are raised, the escrow goes through to completion.
The difference between full vs limited authority probate becomes clear when examining limited authority. In it, an accepted purchase offer for the property goes to the attorney for publication of the notice of sale. Then, it goes through the process of the court reviewing and approving the terms and conditions of the contract, the sale price and the filing of the petition for Order Confirming Sale of Real Property. Once on file, that petition prompts the assignment of a court hearing date. And, at that hearing, other buyers willing to pay more than the original offer, may show up. They may overbid by the minimum amount, as the court determines. The judge then reviews the original offer and opens up the sale for any qualified overbidders. With a successful overbid, the court approves the sale for that higher bid. Following said approval, escrow restarts, with the new buyer, at the higher purchase price. If no one overbids, the court approves original offer, escrow receives the court’s Order Confirming Sale of Real Property and proceeds to closing, all in a window of about 45-60 days.
The LaRoche Team knows exactly how the probate process works, full or limited authority. Also, they maintain solid court and legal relationships and partnerships. They quickly move to pre-qualify overbidders. And, they provide many Value-Added services, start to finish. If you have a probate real estate matter, don’t hesitate. Put them on your team. Then, expect some real peace of mind.
