is it legal for a executive of an estate to sell the property to a relative without putting it on the mkt 1st?
if a person dies and leaves an exective to handle the real estate property, is the executive of the estate allowed to sell the property without 1st listing it in the open real esate mkt.
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Tags: Leaves, Mkt, Real Esate
sell property | , 17 Jun 10
By Carolinahomerates.com, June 20, 2010 @ 11:54 pm
depends on the will.
and you need to talk to the attorney handling the estate.
some estates call for ‘market value’ of the property…and they usually get an appraisal done for that.
By godged, June 22, 2010 @ 12:15 am
Legal? Sure, unless the will stipulates something otherwise. The law varies by state. Most executors have authority to do as they see fit, and if was to sell it to a relative, OK.
However, these sorts of deals are things that make people stop speaking at the family gatherings.
By lilricanwun07, June 24, 2010 @ 7:45 pm
Yes it is legal. Whomever is appointed executer of real property family or not has the right to sell the real property unless otherwise mentioned in the will of the deceased.
By newmexicorealestateforms, June 26, 2010 @ 7:14 pm
Godged is right, I do a lot expert witness testimony in district court and I get a lot of this in my practice too all I can tell you is that executor has a fiduciary obligation (highest standard of care by law) to see that he does what is in the best interest of the estate not the best interest of the heirs and or claimants
and like godged said each state has laws relating to what you can and can not do. If you want to check what your state’s probate laws say specifically you can check that here
Probate Laws – All States
Best of luck to you
By Pure Genius, June 29, 2010 @ 3:53 am
you sure can unless the will says something otherwise.. if you are the executor of the will you can do as you see fit..heres a a site with a ton of seller information, hope it helps
By MommaBear, July 1, 2010 @ 8:53 pm
If the executor/executrix of the estate had an impartial appraisal of the property done prior to the sale, then there is no impropriety because the executor did not set the value. Hopefully, they had a professional appraiser do the valuation, not a couple of real estate agents, to get a more accurate comparable price. However, if there was more than one party that wanted to purchase the property, then properly, the property should have been put up for bid.