(a) If it appears to the Court of Chancery that it is proper to sell any real estate of a disabled person, whether the real estate is held in severalty, joint tenancy, coparcenary or in common or in possession, reversion or remainder or any part of it, the Court may order it to be sold by the guardian of the property or by a trustee to be appointed for that purpose.
(b) Whenever application for such a sale is made by a guardian, the Court shall appoint a licensed and certified pursuant to Delaware law appraiser of real estate to perform an appraisal of the real property to be sold. The appraiser appointed shall be independent of the parties to the sale and disinterested in the transaction. The appraised value shall be used by the Court to establish the lowest price at which the property may be offered for sale, except in cases where the Court determines, based on good cause shown, that another sale price is appropriate.
(c) Upon any such sale, the guardian or trustee shall make a deed to the purchaser which shall convey as full a title to the land as the disabled person had at the time of sale.
(d) The Court may order that the real estate be sold clear and discharged of any lien or incumbrance thereon at the time of sale created by or recovered against the disabled person and in such case the Court shall direct in the order of sale that reasonable notice of the sale be given to the holders of such lien or incumbrance by newspaper advertisement or otherwise. The lien or incumbrance shall, without change of priority, be transferred to the proceeds of sale.
Twenty years of experience providing estate and tax planning services to clients in the western suburbs of Chicago. Member, National Academy of Elder Law Attorney.
Western Springs, Illinois
Chicago, Illinois
Practice Areas: Wills and Estates, Real Estate, Guardianships, Premarital Agreements
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