if a person leaves an executive to his property, is the executive allowed to sell theproperty to a relative?
is it the law that the executive of the estate has to list the property in the real estate market before selling the property to a relative. The relative wants to buy the property without being put in the market.
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Tags: Leaves, Real Estate Market
sell property | , 10 Jun 10
By phillip w, June 11, 2010 @ 8:19 am
No it hasto be put on the market and sold for the higest offer.
By elizabet, June 11, 2010 @ 6:42 pm
yes, they can sell it without placing it in the market. Law of sell. Especially since it’s a relative. I think most people would agree it’d be pretty shoopie to not sell it to a relative if they were interested. Anyone who would say or rule something contrary is evil.
Sellers Law dictates that an owner of property can sell to anyone they wish to sell to, for any price they wish to list it as.
Because if you make stipulations about how someone can sell their own property, then you’ve medaled in the ownership of the owner/seller, and that would be illegal.
By mcmufin, June 13, 2010 @ 1:17 am
The actual laws vary by state. The executor / administrator / personal representative usually has to obtain a court order allowing the sale first. (However, the will may give the executor the authority to sell property without a court order.) The executor has to act in the best interest of the estate in everything he/she does. At the least, I tell my clients to have a parcel appraised before selling it to a family member, and if the sales price is below appraised value (which is not uncommon in this market), then to have all other heirs/beneficiaries sign a document approving the sale.
By BettyBoopGirl, June 16, 2010 @ 11:16 am
Yes, a house can be sold without being placed in the market.
The executive usually has a list of clients that he can present the property to. But if he doesn’t then he normally puts it in the real estate market for a quicker sale.
By carmen m, June 17, 2010 @ 5:45 pm
it may bea conflict of interest. he should not sale it to a relative just to avooid problems