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Nevada's Independent Administration of Estates Act
Prior to passage of this law in 2011, N.R.S. 143.300 et. seq., if real estate was sold during the probate process, notice of the proposed sale had to be published with a date for the Court to approve or disapprove the sale and on the hearing date any other person in the world could come to court and offer to buy the real estate for more than the price published in the notice. This was time consuming and expensive, especially if the sale fell through and the whole process had to be repeated.
Under the 2011 law the personal representative (executor or administrator) in most cases can ask to be appointed with full authority under the Nevada Independent Administration of Estates Act. As a practical point the Notice of Hearing for the appointment hearing has to conform to the language of N.R.S. 143.345(3). If none of the interested parties object, the personal representative will be appointed with full authority under the Nevada Independent Administration of Estates Act.
In a nutshell this means that the personal representative can contract to sell the real estate. Then the personal representative must give a 15 day Notice of Proposed Action set out in N.R.S. 143.805 to all interested parties. The Notice must set out the sales price and the amount of real estate commission. Interested parties have 15 days to file an objection. If no objections are received within that time period, the sale may go forward. In addition, if all interested parties earlier file a consent, the sale can go forward when all consents are received.
One issue that we have experienced is that in a consumer sale, the consumer purchaser may have a home inspection done and this may reveal some defects that will cost some money to remedy. The estate may be willing to lower the price to pay for the repairs, but since the price has been lowered, a new 15 day Notice must be sent out. We have tried to avoid that by saying in the original Notice, for example, "The property is proposed to be sold for $100,000; however, if the buyer's home inspection reveals hitherto unknown defects, the estate is prepared to reduce the price by as much as $1,500." This Notice does not have to be filed with the Court until after the sale so the seller would not know that the estate is willing to drop the price by as much as $1,500 if defects are found by the home inspection.