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sale of property by an estate


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#1 Planofaction

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Posted 10 December 2012 - 10:52 AM

PA

The estate has been ongoing for over 5 years. We have a contract for the sale of a major property owned by the estate. The bank that has the mortgage on the property is forcing the sale. We were able to get a contract just days before the property was set for Sheriff Sale for foreclosure. This sale does not finalize the probate - their are still other properties and other items to be handled. One of the heirs will not sign off on titling paperwork required by the buyer basically saying that they are waiving any interest they have to the property. I still have not actually seen the document myself. I was under the impression that the executor has the authority to sell any property necessary in order to pay debts and expenses. Can this heir, by not signing delay this settlement? and if so s their any recourse such as additional title insurance? The heirs interest was 1/3 net profit of 6 subdivided lots. The lots were not sold seperate from the main parcel, the property is to be sold as one unit. There may or may not be funds left over after the mortgage is paid and other expenses. It is my understanding though that will be part of the final totals and closing the estate..

Can't the Executor sell the property with out and heir signing an documentation. - I was never asked to sign anything when we auctioned off the personal property. I may have signed off on forms when other property was sold that was specifically willed to me and not the heir in question, I do not remember as it was over 3 yrs ago.

Aslo - If she can halt the settlement then it is my understanding that the bank wll then be forced to schedule it for Sherriff Sale again.

Thank you any thoughts or advice is geatly appreciated



#2 pg1067

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Posted 10 December 2012 - 01:48 PM

The estate has been ongoing for over 5 years.


For what reason(s) has it dragged on for so long?


We have a contract for the sale of a major property owned by the estate.


Who are "we"? The only person with the legal ability to enter into such a contract should be the executor of the estate.


One of the heirs will not sign off on titling paperwork required by the buyer basically saying that they are waiving any interest they have to the property. I still have not actually seen the document myself. I was under the impression that the executor has the authority to sell any property necessary in order to pay debts and expenses. Can this heir, by not signing delay this settlement?


If the executor is handling things properly, he/she should have no problem selling the property by him/herself (this is why I asked who "we" are in response to your statement that "we have a contract"). That said, if the buyer is a pain in the butt, he/she is free to insist on additional documentation from heirs of the estate.


if so s their any recourse such as additional title insurance?


Since this is apparently a requirement being imposed by the buyer, it's up to him/her. Of course, insisting on this might be a breach of the contract by the buyer.


Can't the Executor sell the property with out and heir signing an documentation.


I think this is the same question you already asked.


I was never asked to sign anything when we auctioned off the personal property.


This isn't a terribly meaningful or helpful statement since you haven't explained what your relationship is/was to the estate or the deceased (other than saying "we have a contract").

Let me run through a couple of things. The vast majority of estates should be able to close out within a year or two after the date of death. As noted above, five years is a really long time and suggests that the executor may not know what he/she is doing (although there may be any number of reasonable explanations). In any event, assuming that "John Smith" owns a piece of real property, when John dies, the person appointed by the court to serve as executor of his estate should have no problem selling the property. Again, I don't know what your relationship is to all of this, but you and/or the executor should be consulting with a local attorney to resolve the issues you mentioned.

#3 FindLaw_Amir

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Posted 13 December 2012 - 12:52 PM

I agree with the previous poster, you and/or the executor may wish to consult with a local Lawyer to address this matter.
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