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Can the executor of an estate set the price of the real estate of the estate?
Wiki User
∙ 13y ago
In New York an Executor can set the price of the real estate of the estate. However the price should be close or at the market value. Oftentimes in New York an Executor must have the sale approved by the Court. The Court will then look to see if the price is reasonable. The Executor will have to submit various documents to support his request to sell the real estate at the price s/he he set (i.e. appraisal, tax assessment, etc.) So, the answer is yes the Executor can set the price, but oftentimes subject to the approval of Surrogate's Court.
Wiki User
∙ 13y ago
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In Pennsylvania can the Executor set the sale price of the house?
With the approval of the court. The price must be a fair market price. Otherwise the estate is not going to have the assets it needs to close out.
Can a executor receive 1 percent of the estate before its handed out?
The executor's fee is typically set by law. If the fee is set at 1% (or higher), they certainly can.
Can the executor benefit from the will?
Yes, the executor can also be a beneficiary of the Will. Also, in most jurisdictions the executor can be paid from the estate for their services up to a certain amount that is generally set forth in the probate laws.
How long does an executor of estate have to sell home in the will to be split between heirs?
There is no set time frame. They are required to do their best to get the most value for the property as possible.
How much does real estate training cost?
- Real estate training can be very cheap these days - depending on where you enroll and what are the credits you will need to be able to quality for the license examination which has different requirements for each State which is set by your national department for real estate.
In Pennsylvania can the Executor set the sale price of the house?
With the approval of the court. The price must be a fair market price. Otherwise the estate is not going to have the assets it needs to close out.
Does an executor get paid for their time?
Yes. Generally, the fees paid to the executor for handling the estate are set forth in the probate code in each jurisdiction.Yes. Generally, the fees paid to the executor for handling the estate are set forth in the probate code in each jurisdiction.Yes. Generally, the fees paid to the executor for handling the estate are set forth in the probate code in each jurisdiction.Yes. Generally, the fees paid to the executor for handling the estate are set forth in the probate code in each jurisdiction.
Sister died leaving property to her mom. Before sister's probate was completed Mom died. Can Mom's executor deed the property to himself if Mom's will gives all her property to her son?
Generally, Mom's estate must be probated in order to pass title to the real estate. As soon as her will is allowed and the executor is appointed the title to the real estate passes to her son if that was set forth in her will. The executor can't convey the real estate contrary to the provision set forth in the will. As long as the will was probated the son owns the property. If the executor "deeded" the property to himself and he is not the son then that deed is null and void. You should seek the advice of an attorney.
If a home is left to siblings in a will can executor silbling set sale price to sell to other sibling?
Yes, the executor of the estate can make decisions such as this. it is usually best to talk it through if you are on good terms with your sibling.
I have a full accounting of the estate funds and the executor took money from the estate how do get this money back from the executor I am a beneficary?
The executor is entitled to be paid for their work. The court has to approve the distribution and the fee they charged, which is often set by law. If the estate has been closed, you can sue the executor if they breached their fiduciary duty.
Can a executor receive 1 percent of the estate before its handed out?
The executor's fee is typically set by law. If the fee is set at 1% (or higher), they certainly can.
Is an executor entitled to a commission on the estate if the home is left to him and the money is to be distributed among 3 siblings?
No. The executor gets no commissions. They get paid a fee set by the state.You need guidance from the attorney who is handling the estate. An executor is personally liable for mishandling estate property or funds.
Can an executor sell a property without bringing the trust to court?
You need to check your details. An executor doesn't manage a trust. If property is in a trust it is not part of an estate and it's managed by a trustee. The instrument that created the trust sets forth the powers of the trustee even when the trust is set forth in a will. Those powers usually include the power to sell real estate. Generally, an executor cannot sell property unless they have filed the will for probate. Then, generally, to sell the property the executor must be given that power in the will or issued a license to sell real estate by the court.
What rights do the non executor surviving children of deceased parents have to the estate when only one is named executor?
The named executor must submit the will for probate and request appointment as the executor. Once appointed they will have the sole authority and responsibility to settle the estate. The executor should hire an attorney, especially if there is real estate.The other family members have no right to interfere with the executor's handling of the estate unless the executor fails to perform their duties properly. They do not have any right to handle any property of the estate. The executor must follow the state laws that govern estates and the debts must be paid before any property can be distributed to the heirs. The executor will be eligible to charge a fee for their services and the fee is set by law. Any family member can monitor the progress by visiting the court and requesting to review the probate file.
Executor of moms will has not sold property after four years can she keep everything for herself?
Generally, an estate that has real estate must be probated in order for title to the real estate to pass to the heirs legally. If the executor has not filed the will for probate then you should contact an attorney and petition the court to be appointed the administrator of the estate as though there was no will. That way you can set things in motion. If the executor doesn't produce the will, you will be appointed the administrator and will have the authority to settle the estate. The property will pass according to the state laws on intestacy to your mother's heirs-at-law and you would eventually get your share. You should schedule a consultation with an attorney who specializes in probate law ASAP.
Parents are deceased and you are executor can you sign quitclaim deed?
There are specific steps that must be followed for an executor to be able to convey real estate. First, the executor must be appointed by the court. Then the executor can sell the real estate only if the power to sell real estate was granted in the will. If not then the executor must petition the court for a license to sell real estate.
Can the executive of estate make decisions regarding heired property without discussing it with the heirs?
The answer depends on the provisions in the Will.Generally, the executor is authorized by the court to manage the estate according to the instructions set forth in the Will. In many Wills the testator grants the authority to make decisions about the real estate to the executor. In other cases property is specifically devised to a beneficiary and the executor cannot sell it unless the sale must be done in order to pay off the debts of the decedent. The debts must be paid before any property can be distributed to the heirs.An executor can also request a license to sell real estate from the court if the heirs cannot agree and the power of sale was not granted to the executor in the Will.The proper way to refer to property owned by a decedent is estate property.
