0
Can an executor who is also a benficiary buy real property from an estate?
Wiki User
∙ 14y ago
As long as it is properly approved by the probate court. There will have to be documentation of legitimate valuation and payment.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Your brother is selling cattle that is supposed to be divided between the three of us children since the death of your father The estate is in probate what can you do?
You should complain to the executor, the attorney who is handling the estate and the court since your brother is selling property that doesn't belong to him. You should do so ASAP. You should also inform the buyer that the brother is not the owner of the cattle.
Do you need a real estate license to sell commercial property?
Yes, having a real estate license is an essential requirement when dealing with any kind of real estate transaction in the USA. In fact, these licenses are authorizations, which are issued by a state administration in the USA, that give legal ability to real estate appraisers and agents to carry out fair property purchase or for sale deals when a buyer or seller is in process of purchasing or selling real estate property in the US. Sales of commercial property is no exception to this. If you intend to sell your commercial real estate, you need good advice from a reputed commercial property appraisal company to know the accurate market value of your commercial property. While hiring a commercial property appraiser, you should ensure that he or she has a valid real estate license to carry out the appraisal process for your commercial property. Be cautious of appraisers with an expired license even if they claim it expired recently and that they are expecting the renewed one any day. It is also advisable to check whether any time in the past his license was suspended. By hiring an efficient and honest appraiser, you can sell your commercial property safely without getting duped.
Is real estate part of residuary estate?
If the estate is governed my a legal document, i.e. a will or trust, and there is no specific language about the real estate then the real estate would be part of the residual estate. However, it also depends on how the real estate is titled at the recorder of deeds. If the real estate states that another party has the right of survivorship or is a joint owner other factors come into play. Before this question can answered to its fullest one must determine how the property is titled.
Do you need a real estate license to start a real estate investment company?
If you are going to start business as a real estate agent or real estate investment company then it's mandatory to have a license. If you are planning to make personal private investments in real property you do not need to be licensed as an agent. The agent license is simply for those who want to run a business promoting other people's properties for a fee. If you are going to buy the property and rent it or resell it there is no license required. You can also use other strategies with investing that do not require a license and that do not require purchase of property.
Can a person not on title get homeowners insurance?
Yeah, but you need to make sure you insure for all owner parties and document each insured persons interest in the home. If the home is part of an estate or a probate process, the executor can also buy the policy.
Can a executor do a loan mod to save the home?
The executor is required to preserve the estate. That may require a loan modification. They can also sell the property.
Can an estate sell real estate in Florida or do the individual heirs have to sell it?
The executor has the ability to sell the property. It is subject to court approval. They can also transfer the property to the beneficiaries. In which case they can then sell it.
Does executor of estate have right to keep house?
As the executor of an estate, you are responsible for executing the wishes outlined in the deceased person's will. If the will specifies that the house goes to a specific beneficiary, then you must follow those instructions. If there are no specific instructions, you may need to sell the house and distribute the proceeds according to the will or laws of the state.
Can a sole benficiary give up rights then what happens?
There are no rights. If you are the benficiary of someone's assets at say their death you can do what you want with them. If you don't want them you can just give them away, basically it belongs to you. If you are an executor you can decline, usually a backup is named and will take over. If a backup wasn't named or also declines then it goes to the courts and a judge assigns a trustee to oversee the estate.
What expenses can be claimed as an executor of an estate?
Reasonable expenses can be charged to the estate. The executor can also receive payment.
Can executor of an estate legally rent real estate out named in a will when one heir will not give permission?
There is no reason that the executor cannot lease estate property. As long as they get a fair market price for the lease. They would then be able to use the money to pay debts and taxes as well as maintain the property.
Can a life estate in residence also be the executor?
There is no general law that prevents a person from granting a life estate to an executor.
Is an executor bound to allow beneficiaries to use the home when they choose for vacations etc?
They are not bound to allow anyone to use the property. They have to preserve the value of the estate. They are also allowed to rent the property to make money for the 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.
Can an executor evict an heir from estate during probate in the state of Massachusetts?
Yes, they can start the eviction process. They are responsible for the estate and its property. They could also collect rent.
Can a deed to the family home be transferred to the executrix who is also a beneficiary without the signatures of all the beneficiaries?
The beneficiaries do not have the ability to transfer property. The executor can deed the property to whomever it is being sold or distributed to. The executor can also transfer the deed to the estate while determining disposition.
How do you transfer the deed of a deceased parents in Texas to the executor of the estate?
The executor now controlling the estate has to do the transfer but if they had an executor, there is probably also a will, attorney, and a beneficiary (ies)
