Guam § 2325 - Sales in General: Contracts to Find Purchaser; Commission;

§ 2325. 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.