AccountFinal AccountInventoryParental ResponsibilitiesProcedureQualificationReal EstateTaxes

Guardian 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 guardianship with a negative adjustment on line 4 in the first account.

If the guardian wishes to sell the minor’s real estate, the commissioner usually must review and approve the proposed sale. The scope of that review is either set forth in the order appointing the guardian1 or, if the Clerk appoints the guardian, in the Notice to Guardians of Minors Who Own Real Estate.2  The requirements that the Court generally imposes and those which the commissioner has established are similar.3  In summary, the commissioner seeks evidence of the necessity of the sale, the value of the property, and the terms of the proposed 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.

 

 


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1  Va. Code Ann. § 64.2-2022.B.

2  Va. Code Ann. § 64.2-1805.B.

3  See Notice to Guardians of Minors Who Own Real Estate.





 



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