A property in California is being sold by a conservator appointed by the court for an incapacitated owner. The conservator enters into a purchase agreement for $510,000. Under California Probate Code, what additional requirement must be met for this sale to be valid?
Correct Answer
A) The conservator must obtain court confirmation of the sale before it can be completed
Under California Probate Code §2540-2542, a conservator generally must obtain court confirmation before completing the sale of real property belonging to the conservatee. The court reviews the sale to ensure it is in the best interest of the conservatee and that the price is fair.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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