Section 9964 Of Chapter 16. Granting Option To Purchase Real Property From California Probate Code >> Division 7. >> Part 5. >> Chapter 16.
9964
. (a) The court shall make an order authorizing the personal
representative to grant the option upon the terms and conditions
stated in the order if the court is satisfied as to all of the
following:
(1) Good reason exists to grant the option and granting the option
will be to the advantage of the estate.
(2) It does not appear that a higher offer with respect to the
purchase price of the real property subject to the option may be
obtained. An offer is a higher offer with respect to purchase price
only if the offer satisfies the requirements of Section 10311
governing increased bids in real property sales.
(3) It does not appear that a better offer with respect to the
terms of the option may be obtained. An offer is a better offer with
respect to the terms of the option only if the offer is materially
more advantageous to the estate.
(b) A higher offer made either for cash or on credit, whether on
the same or different credit terms, or a better offer, shall be
considered only if the personal representative informs the court in
person or by counsel, before the court makes its order authorizing
the granting of the option, that the offer is acceptable.