9960. After authorization by order of court obtained under this
chapter, the personal representative may grant an option to purchase
real property of the estate for a period within or beyond the period
9961. To obtain an order under this chapter, the personal
representative shall file a petition containing all of the following:
(a) A description of the real property.
(b) The terms and conditions of the proposed option.
(c) A showing that granting the option is to the advantage of the
9962. The purchase price of the real property subject to the option
shall be at least 90 percent of the appraised value of the real
property. The appraisal shall be made in the manner provided in
subdivision (c) of Section 10309 within one year prior to the hearing
of the petition.
9963. Notice of the hearing on the petition shall be posted as
provided in Section 1230 and given as provided in Section 1220 to all
of the following persons:
(a) Each person listed in Section 1220.
(b) Each known heir whose interest in the estate would be affected
by the granting of the option.
(c) Each known devisee whose interest in the estate would be
affected by the granting of the option.
9964. (a) The court shall make an order authorizing the personal
representative to grant the option upon the terms and conditions
stated in the order if the court is satisfied as to all of the
(1) Good reason exists to grant the option and granting the option
will be to the advantage of the estate.
(2) It does not appear that a higher offer with respect to the
purchase price of the real property subject to the option may be
obtained. An offer is a higher offer with respect to purchase price
only if the offer satisfies the requirements of Section 10311
governing increased bids in real property sales.
(3) It does not appear that a better offer with respect to the
terms of the option may be obtained. An offer is a better offer with
respect to the terms of the option only if the offer is materially
more advantageous to the estate.
(b) A higher offer made either for cash or on credit, whether on
the same or different credit terms, or a better offer, shall be
considered only if the personal representative informs the court in
person or by counsel, before the court makes its order authorizing
the granting of the option, that the offer is acceptable.
9965. An option granted pursuant to an order made under this
chapter, whether within or beyond the administration of the estate,
is subject to Chapter 4 (commencing with Section 884.010) of Title 5
of Part 2 of Division 2 of the Civil Code.
9966. No omission, error, or irregularity in the proceedings under
this chapter shall impair or invalidate the proceedings or the
granting of an option pursuant to an order made under this chapter.