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Calif. house value at probate appraisal or end of probate?

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friendofheir

Guest
3 heirs agreed that one would buy house for probate appraised value. Because settlement takes many months and Calif property values have risen sharply, one of the heirs wants more money. Which value must they use, the agreed probate value (one heir has been living in the house and made improvements and repairs) or the value whenever the estate finally closes? It is not the fault of the home buyer that escrow has taken, so far, 6 months.
 


I AM ALWAYS LIABLE

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by friendofheir:
3 heirs agreed that one would buy house for probate appraised value. Because settlement takes many months and Calif property values have risen sharply, one of the heirs wants more money. Which value must they use, the agreed probate value (one heir has been living in the house and made improvements and repairs) or the value whenever the estate finally closes? It is not the fault of the home buyer that escrow has taken, so far, 6 months.<HR></BLOCKQUOTE>


My response:

The original inventory and appraisal "valuation date" is deemed to "relate back to" the date of decedent's death regardless of when it is made or filed. Thus, a Probate Code § 10309 reappraisal will always be required if the date of the confirmation hearing is more than one year after the date of decedent's death.

So, for example, if the house is worth, on the date of death, $100,000.00, and 6 months later the house is "comparably" now worth $120,000.00, and is hasn't been more than 1 year, the house must legally sell for the Trustee's appraised value. If more than one year, the Trustee must have the house reappraised prior to "confirmation" of the close of probate, so that the house can be legally sold for the higher amount.

IAAL


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