SALES CONTRACTS

The personal representative may sign contracts for sale of real property, including in each contract: (a) the description of the property interest being sold; (b) the name and address of the buyer, (c) a statement whether an escrow agent will be used in the closing, (d) a statement that the sale and the commissions and fees payable to brokers may be subject to court confirmation and overbid procedures if required by the will or any devisee in a testate proceeding or an heir in an intestate proceeding, (e) a statement that the property will be conveyed "as is" by quitclaim or limited warranty deed, (f) a minimum deposit of the lesser of $5,000 or the full purchase price for the property, and (g) the signature of the personal representative. The personal representative shall retain the minimum deposit or place it with the escrow. COMMENTARY: This rule has been revised to reflect the amendment to HRS § 531-29, which now requires court confirmation of a sale only if required by the will of an heir or devisee with an interest in the property. (Added November 12, 1997, effective December 15, 1997.)