What is a Notice of Proposed Action in a Silicon Valley Trust Sale?
If you are a trustee selling a Santa Clara or San Mateo County Trust sale, or a potential purchaser of a trust sale you will probably encounter a Notice of Proposed Action. What is it? The successor trustee has the right and power to sell property left in a trust to be distributed to the heirs. The trustee chooses the agent to list the property, and is responsible for handling the details of the sale. However, in order to accept an offer from a potential buyer the heirs to the estate have to confirm that they agree to the price and terms of the offer. Usually they do and the sale proceeds, but if there is an objection then the trustee must go to court and get the objection heard and settled by consent of the heir, or order of the judge, in order for the sale to proceed. Obviously this will delay the close and must be included as a contingency for the seller. This is very rare, but it can happen occasionally, so be prepared.
Marcy Moyer
Keller Williams Realty
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales
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