Generally, a guardian of a minor does not have power to sell real estate, or there are restrictions conditioning the power to sell real estate, or the guardian was appointed by the Clerk. In these cases, the commissioner of accounts must review and approve any proposed sale.
Pursuant to the provisions of Virginia Code § 64.2-1805, prior to the conveyance of any interest in real estate that the minor owns, you must comply with the following requirements:
- Provide to the Commissioner of Accounts (i) a statement concerning the necessity of the proposed sale stating how the sale is in the best interest of the minor; (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 court or 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 such conditions, the commissioner shall issue a report approving or denying the sale. The commissioner will condition any approval of the sale upon the requirement that you cause your surety bond to be increased by the amount of money to be received as a result of the sale.