Sales in General: Contracts to Find Purchaser; Commission;

Exclusive Right to Sell; Effect of Confirmation; Liability on Contract; Sales on Increased Bid at Confirmation Hearing; Commission. COL120106 CH. 23 PERSONAL REPRESENTATIVE’S DEALINGS WITH ESTATE PROPERTY

(a)The personal representative may enter into a written contract with any bona fide agent or broker, or multiple group of bona fide agents or brokers, to secure a purchaser for any real or personal property of the estate, which contract may provide for the payment of a commission out of the proceeds of the sale. Such contract may additionally grant an exclusive right to sell property of the estate for a period not in excess of ninety

(90)calendar days if, prior to the execution of the contract granting such an exclusive right to sell, the personal representative obtains the permission of the Superior Court of Guam to enter into such an agreement upon a showing of necessity and advantage to the estate and those interested therein; and such permission may be granted by the Superior Court of Guam when the personal representative is appointed or qualified, or at any subsequent time upon an ex parte application by the personal representative.

(b)When a sale secured pursuant to the provisions of subsection

(a)of this Section is confirmed to the purchaser, the contract provided in subsection

(a)of this Section shall be binding and valid against the estate for an amount to be allowed by the Superior Court. By the execution of any such contract no personal liability shall attach to the personal representative, and no liability of any kind shall be incurred by the estate unless an actual sale is made and confirmed by the Superior Court.

(c)In case of sale on an increased bid made at the time of the confirmation hearing to a purchaser not procured by the agent or broker holding a contract such as that provided in subsection

(a)of this Section, the Superior Court shall allow a commission on the full amount for which the sale is confirmed, one-half

(2)of such commission on the amount of the original bid to be paid to the agent or broker whose bid was returned to the Superior Court for confirmation and the balance of the commission on the amount of the purchase price to the agent or broker, if any, who procured the purchaser to whom the sale is confirmed. If, however, the successful bidder is not procured by a bona fide agent or broker, then the agent or broker holding such contract shall be allowed a full commission on the amount of the original bid returned by such agent or broker.

(d)Where an original bid is made by a purchaser directly to the personal representative, and thereafter at the confirmation hearing an increased bid is made by a bona fide agent or broker holding a contract such as that provided in subsection

(a)of this Section, and such increased COL120106 CH. 23 PERSONAL REPRESENTATIVE’S DEALINGS WITH ESTATE PROPERTY bid results in the confirmation and sale of the property at such increased bid, the Superior Court shall allow a commission to the agent or broker who procured the increased bid, which commission shall be fixed by the Superior Court at such amount as the Superior Court, in its discretion, finds will be reasonable compensation for the services of such agent or broker to the estate.