another question about probate...

[Arcinio Arauz]

Would someone be kind enough to explain to me how escrow is completed when buying and selling a house while it's in probate. If I work with the PR of decendent's estate and I tie the house up via a buying contract, can I then sell that house? I'm in California and I basically want to know if a double escrow would work in a probate case. Once I sell to end buyer...where do the funds go and when will my end buyer get the deed?

[Account Closed]

F Foster The "summary" probate actions Rick is talking about might never come up in your investing or your own estate. The affidavit for transfer of small value is for props under $25K. The petition to determine succession is for properties under $150K. The affidavit really is just that, and approves transfer to the affiants stating they are entitled to the property. The petition to succession is more complicated now because of noticing requirements. Years ago, the Petition was a great way to transfer property where the estate had incurred Medi-Cal debt. The local courts now require noticing of DHCS in a Petition filing, so that can be a deal breaker.

My experience both as an investor and an heir in CA say: Avoid the CA probate courts at all costs! Put your property where it belongs so it goes where you want it to go when you die. Put in a trust, deed it to your heirs, or put your heirs on the deed. Their are tax considerations and consequences, of course. But there are so many better options, IMO, than probate.