AccountFinal AccountInventoryProcedureQualificationReal EstateTaxes

Conservator Administration Real Estate

If real estate was reported on part 5 of the inventory and the fiduciary does not have power of sale, the fiduciary may remove the value of the real estate from the conservatorship with a negative adjustment on line 4 in the first account.

The commissioner 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.1

Prior to the conveyance of any interest in real estate that the incapacitated adult owns, the commissioner of accounts generally requires that the fiduciary:

a.    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 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.

b.    Consult with the commissioner of accounts concerning the propriety of the proposed sale.

c.     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 fiduciary increase the surety bond by the amount of money to be received as a result of the sale.

When real estate values are unstable or diminishing, the commissioner may require additional evidence to explain sales prices significantly lower than prior sales or assessed value. In light of the time constraints on most real estate transactions, the commissioner’s office makes every effort to reply promptly to requests for approval of a real estate sale.


1  See, e.g., Va. Code Ann. § 64.2-2022.B.



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