Court Confirmation Procedures

When court confirmation is either chose or required, certain procedures are generally followed, as required by law and/or custom:

o An offer is presented and conditionally “accepted” by the estate representative. This purchase agreement is not binding on the estate.

o After all buyer contingencies are removed from the accepted offer, a petition for the court hearing depends upon the court calendar at the time, but is generally 20 – 6- days from the date of the petition.

o The buyer needs to deposit 10% of the purchase price prior to or on the sate of the court confirmation hearing.

o The sale together with the accepted offering price, is advertised for a statutory period (three times) in a local newspaper.

o There is open competitive bidding at the court hearing, The minimum first overbid shall be an amount equal the accepted purchase price of the accepted offer, plus five percent of that amount, plus $500. In the even of such an overbid, the court shall determine any further incremental overbidding amounts – for example, $1000 or $2000. The bidding stops with the final bid.

o Any person who bids in court must make an unconditional offer (i.e., obtaining financing and approving inspections should not be a condition of the offer) and if confirmed must present a cashier’s check deposit for 10% of the purchase price as described above, or as determined by the court.

o In the event a buyer defaults after a court confirmed sale, the buyer may lose his/her deposit

o If the court confirms the sale to an over bidder rather than the original buyer, the original buyer’s deposit shall be refunded. If the sale is confirmed to the original buyer, the deposit shall apply to the purchase price. (Deposit could be tied up for up to 90 days).

o The purchase price accepted must be at least 90% of the probate’s referee’s appraised of re-appraised value of the property.

o Real Estate commissions are subject to the approval of the court.