Sales of Real Property: Confirmation Hearing on Private

Sale; Increased Bids; Agent's Commission; Determination of Bid Amount. Upon the hearing provided in Section 2315 of this Title, the Superior Court of Guam must examine the necessity for the private sale of the real property of the estate, or the advantage, benefit and interest of the estate in having such sale made, and the efforts of the personal representative to expose the property to the market, and must examine the return and witnesses in relation to such sale; and if it appears to the Superior Court that good reason existed for such sale, that such sale was legally made and fairly conducted, that it complied with the requirements of Section 2345 of this Title, that the sum bid is not disproportionate to COL120106 CH. 23 PERSONAL REPRESENTATIVE’S DEALINGS WITH ESTATE PROPERTY the value, and that it does not appear that a sum exceeding such bid at least ten percent (10%), exclusive of the expenses of a new sale, may be obtained, the Superior Court shall make an order confirming such sale and directing conveyances be executed; otherwise it shall vacate such sale and direct another to be had, of which notice must be given and the sale in all respects conducted as if no previous sale had taken place. But if a written offer in an amount at least ten percent (10%) more than the sum bid is made to the Superior Court by a responsible person, and such offer complies with all provisions of law, the Superior Court shall accept such higher offer, confirm the sale to such person and fix a reasonable compensation for the services to the estate of the agent, if any, producing the successful bidder, or, in its discretion, order a new sale. If more than one written offer in an amount at least ten percent (10%) more than the sum bid is made to the Superior Court of Guam by responsible persons, and if any such increased bid complies with all the provisions of law, the Superior Court of Guam shall accept such highest increased bid, confirm the sale to the person making such highest increased bid, and fix a reasonable compensation for the services to the estate of the agent, if any, producing the successful bidder, or, in its discretion, order a new sale. The compensation of the agent producing the successful bidder shall not exceed one-half

(2)of the difference between the amount of the bid in the original return and the amount of the successful bid, but such limitation shall not apply to any compensation of the agent holding the contract with the personal representative. For the purposes of this Section the amount of a bid shall be determined by the Superior Court without regard to any commission on the amount of such bid to which an agent may be entitled by virtue of a contract with the personal representative. It shall be determined without regard to any condition of the bid that a certain amount thereof be paid to an agent by the personal representative, but notwithstanding that a bid contains such a condition, only such compensation to an agent as is proper under the preceding provisions of this Section shall be allowed, and acceptance of the bid by the Superior Court binds the bidder though the compensation so allowed is less than the compensation to which the agent would be entitled had the condition been observed. Higher offers and bids are subject to the provisions of Section 2349 of this Title.