The commissioner of accounts is often called upon to review and approve the proposed sale of real estate by a conservator. The scope of that review is generally set forth in the order appointing the conservator.
Prior to the conveyance of any interest in real estate that the incapacitated adult owns, the commissioner of accounts generally requires that the conservator:
- Provide to the commissioner of accounts (i) a statement concerning the necessity of the proposed sale and stating how the sale is in the best interest of the ward; (ii) an appraisal of the real estate, (iii) the most current real estate tax assessment of the property, and (iv) a copy of the fully executed contract of sale, which must be subject to the approval of the commissioner.
- Consult with the commissioner of accounts concerning the propriety of the proposed sale.
- Give notice of the proposed sale to such interested parties as the commissioner may require.
Upon compliance with these requirements, the commissioner of accounts will issue a report approving or denying the sale. The commissioner may condition any approval of the sale upon the requirement that the conservator increase the surety bond by the amount of money to be received as a result of the sale.
The conservator should submit their request for approval for the sale as soon as the sales contract is executed and clearly mark the request as urgent. In light of the time constraints on most real estate transactions, the commissioner’s office makes every effort to reply to requests for approval of a real estate sale within 48 hours.