GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Probate Sale


Synonyms:estate auction, estate liquidation, estate sale
Filed Under: estate-management, financial-banking, legal-contracts, real-estate
Tags: banking, contract, legal, life insurance, realty
 

Definition of probate sale

probate sale
1. A court supervised property sale that occurs after the owner passes away. Profits from the sale are divided among creditors and heirs as determined by the court.

Related Terms and Acronyms:

  • agreement of sale (AOS)   A document in which a property's buyer and seller approve the price and other terms of the transfer of title.
  • bankruptcy (BK)   A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
  • estate planning   The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
  • executor   The person who manages the estate of a deceased individual.
  • fiduciary   An individual, company, or association that manages assets for another party. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy, and those responsible for managing the finances of a minor.
  • fiduciary duty   A requirement that someone in a position of trust, such as a banker, real-estate agent, or title agent, must act in good faith and trust on behalf of a client.
  • liquidation   To convert into cash.
  • sprinkling provision   A provision that gives a trustee the authority to distribute life insurance death benefits as he or she sees fit, and to those who need the money the most.
  • tax sale   A government sale of property to recover unpaid taxes.
  • will   A document that states what must be done with a person's estate after his or her death.

More Related Terms and Acronyms

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