California Probate Code 10162.7 – (a) Subject to Section 10162.6, this section applies if all of …
(a) Subject to Section 10162.6, this section applies if all of the following circumstances exist:
(1) There is an agent or broker holding a contract under Section 10150 granting the exclusive right to sell the property.
Terms Used In California Probate Code 10162.7
- Contract: A legal written agreement that becomes binding when signed.
- 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
(2) The bid returned to court for confirmation is made by a purchaser procured by another agent or broker.
(3) The court confirms the sale to that purchaser either on the bid returned to court for confirmation or on an increased bid made at the time of the hearing on the petition for confirmation.
(b) If all the circumstances described in subdivision (a) exist, the court shall allow the compensation determined under Section 10161 on the full amount for which the sale is confirmed. The compensation allowed by the court shall be divided between the agent or broker holding the contract and the other agent or broker as is provided in any agreement between the agent or broker holding the contract and the other agent or broker. If there is no agreement, the compensation on the amount of the original bid returned to the court shall be divided equally between the agent or broker holding the contract and the other agent or broker and, if the sale is confirmed on an increased bid, the other agent or broker shall be paid all of the compensation on the difference between the original bid and the amount for which the sale is confirmed.
(Enacted by Stats. 1990, Ch. 79.)