When a property is part of a deceased person’s estate, it typically goes through probate, which is a court-supervised process for distributing assets. Probate listings fall into three primary categories: 1. Full Authority (Independent Administration of Estates Act – IAEA)
• The personal representative (executor/administrator) has full power to sell the property without requiring court approval. • This process is faster, similar to a standard real estate sale.
• The property may still be sold “as-is,” but there is more flexibility in negotiations. 2. Limited Authority (IAEA)
• Requires court confirmation before a sale can be finalized.
• A Notice of Proposed Action is sent to interested parties (heirs/beneficiaries), who may object to the sale.
• Typically includes a court hearing, during which the property can be subject to overbidding by other buyers. 3. Probate Sale Without IAEA (Supervised Probate)
• The sale is fully controlled by the court, meaning every step (including the listing price and sale process) requires court approval. • Takes the longest and is the most restrictive.
• Often used when there are disputes among heirs or concerns about mismanagement.