Concepts Definitions
nnnn• Probate Sale: A sale of real property that occurs as part of the legal process of administering a deceased person’s estate.
nnnn• Court Confirmation: A legal requirement in some probate sales where the court must approve the terms of the sale, which implies judicial oversight of all aspects, including commissions.
nnnn• Administrator: An individual appointed by the probate court to manage and distribute the assets of a deceased person’s estate when no executor is named in a will or there is no will.
nnnn• Commission: Compensation, typically a percentage of the sales price, received by a broker for services rendered in a real estate transaction.
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