Contract for sale of real property of protected minor authorized; limitation on commission; liability of guardian and estate

1. After the court has granted authority to sell real property of a protected minor, a guardian may enter into a written contract with any bona fide agent, broker or multiple agents or brokers to secure a purchaser for such property. Such a contract may grant an exclusive right to sell the property to the agent, broker or multiple agents or brokers. 2. The guardian shall provide for the payment of a commission upon the sale of the real property which: (a) Must be paid from the proceeds of the sale; (b) Must be fixed in an amount not to exceed: (1) Ten percent for unimproved real property; or (2) Seven percent for real property with any type of improvement; and (c) Must be authorized by the court by confirmation of the sale. 3. Upon confirmation of the sale by the court, the contract for the sale becomes binding and enforceable against the estate. 4. A guardian may not be held personally liable and the estate is not liable for the payment of any commission set forth in a contract entered into with an agent or broker pursuant to this section until the sale is confirmed by the court, and then is liable only for the amount set forth in the contract.