Rule 5.207 Real Estate Transactions

(A) Decedent Estate Cases. Any petition seeking court approval to sell real property must contain the following:

(1) the terms and purpose of the sale,

(2) the legal description of the property,

(3) the financial condition of the estate before the proposed sale, and

(4) an appended copy of the most recent assessor statement or tax statement showing the state equalized value of the property. If the court is not satisfied that the evidence provides the fair market value, a written appraisal may be ordered.

(B) Conservatorship Cases.

(1) Petition. Any petition to sell, dispose of, mortgage, pledge, or place a lien against real property, must contain the following:

(a) the terms and purpose of the proposed transaction,

(b) the legal description of the property,

(c) the financial condition of the estate before the proposed transaction, and

(d) an appraisal of the value of the property conducted within the preceding six months by a professional licensed under Article 26 of the Occupation Code, MCL 339.2601 et seq.

(2) Sale for Less Than Appraised Value. If the court approves a sale of a principal dwelling for less than the appraised value of the property, the court must state on the record why the sale is in the protected individual's best interest.

(C) Bond. The court may require a bond before approving a sale of real estate in an amount sufficient to protect the estate.