California Probate Code 10350 – (a) If after court confirmation of sale of real or personal …
(a) If after court confirmation of sale of real or personal property the purchaser fails to comply with the terms of sale, the court may, on petition of the personal representative, vacate the order of confirmation, order a resale of the property, and award damages to the estate against the purchaser.
(b) Notice of the hearing on the petition shall be given as provided in Section 1220 to the persons designated by that section and the notice and a copy of the petition shall be given to the buyers and brokers named in the order confirming sale, except that notice need not be given to a defaulting purchaser whose written consent to the petition is filed with the court before the hearing.
Terms Used In California Probate Code 10350
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Personal property: All property that is not real property.
- Personal representative: means executor, administrator, administrator with the will annexed, special administrator, successor personal representative, public administrator acting pursuant to Section 7660, or a person who performs substantially the same function under the law of another jurisdiction governing the person's status. See California Probate Code 58
- Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
(c) Notice of the resale of the property shall be given as provided in this chapter for a sale of the property in the first instance.
(d) Proceedings after notice of the resale shall be as provided in this chapter for a sale of the property in the first instance.
(e) If the property is resold, the defaulting purchaser is liable to the estate for damages equal to the sum of the following:
(1) The difference between the contract price of the first sale and the amount paid by the purchaser at the resale.
(2) Expenses made necessary by the purchaser’s breach.
(3) Other consequential damages.
(Amended by Stats. 1992, Ch. 871, Sec. 12. Effective January 1, 1993.)