Hearing to confirm sale of real property: Considerations; conditions for confirmation; actions of court if sale is not confirmed; continuance.
1. At the hearing to confirm the sale of real property, the court shall:
(a) Consider whether the sale is necessary or in the best interest of the estate of the ward; and
(b) Examine the return on the investment and the evidence submitted in relation to the sale.
2. The court shall confirm the sale and order conveyances to be executed if it appears to the court that:
(a) Good reason existed for the sale;
(b) The sale was conducted in a legal and fair manner;
(c) The amount of the offer or bid is not disproportionate to the value of the property; and
(d) It is unlikely that an offer or bid would be made which exceeds the original offer or bid:
(1) By at least 5 percent if the offer or bid is less than $100,000; or
(2) By at least $5,000 if the offer or bid is $100,000 or more.
3. The court shall not confirm the sale if the conditions in this section are not satisfied.
4. If the court does not confirm the sale, the court:
(a) May order a new sale;
(b) May conduct a public auction in open court; or
(c) May accept a written offer or bid from a responsible person and confirm the sale to the person if the written offer complies with the laws of this state and exceeds the original bid:
(1) By at least 5 percent if the bid is less than $100,000; or
(2) By at least $5,000 if the bid is $100,000 or more.
5. If the court does not confirm the sale and orders a new sale:
(a) Notice must be given in the manner set forth in NRS 159.1425; and
(b) The sale must be conducted in all other respects as though no previous sale has taken place.
6. If a higher offer or bid is received by the court during the hearing to confirm the sale, the court may continue the hearing rather than accept the offer or bid as set forth in paragraph (c) of subsection 4 if the court determines that the person who made the original offer or bid was not notified of the hearing and that the person who made the original offer or bid may wish to increase his bid. This subsection does not grant a right to a person to have a continuance granted and may not be used as a ground to set aside an order confirming a sale.
Last modified: February 25, 2006