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Professional Standards Manual

Trading Services

4. General Information

(a) Contract Clauses - View Entire Section

(XII) Buying from an Estate

 [July 2015: the following information updated in the Professional Standards Manual]

If a licensee is considering acting on behalf of an executor of an estate that is selling property, or acting for a buyer of an estate property, they should confirm whether the executor or administrator has the legal authority to act on behalf of the estate. This authority will take the form of a grant of probate or letters of administration.

If a grant of probate or letters of administration has not been obtained, then the executor or the administrator may not have the legal authority to sign a listing agreement, or enter into a Contract of Purchase and Sale on behalf of the estate.

Licensees are therefore encouraged to advise their client to seek independent legal advice before their client signs a listing agreement, and/or enters into a Contract of Purchase and Sale.

An example of the proper way for an executor or administrator to sign a contract on behalf of the estate is: ‘‘G. Seller, Executor [or Administrator] of the Estate of (name of the deceased).’’

 

On March 31, 2014 the Wills, Estates and Succession Act [SBC 2009] c. 13 came into force, replacing a number of BC statutes, including the Estate Administration Act, Wills Act, and Wills Variation Act.