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DOES EXECUTOR OF AN ESTATE HAVE THE LAST SAY ON WHAT OFFER THEY ACCEPT FOR HOUSE?
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How does an estate adminstrator buy out other beneficiaries?
The estate has to be completely inventoried. Then an independent appraiser has to provide a valuation of the assets. Once that is done, the executor can reach an agreement with the other beneficiaries. At that point he can petition the court with a buyout offer. If there is any feeling of something being inappropriate, consult a probate attorney.
What is a Cooperating Real Estate Firm?
A "cooperating" real estate firm is simply a competing real estate company that works with -- cooperates with -- another company. For example, Sunnyside Real Estate has a house for sale, and True Blue Agency is working with a buyer who is looking for a house to buy. The buyer is interested in the house at Sunnyside. An agent at True Blue shows the house to the buyer and the buyer makes an offer to buy. Sunnyside presents the offer to the seller. Sunnyside and True Blue are "cooperating" with each other to the benefit of their customer/client. Note that cooperation does not automatically include compensation. The firms should first come to a mutually agreeable compensation arrangement prior to showing.
On a real estate conteroffer does the seller sign the conter offer or wait till it's accepted?
The seller can sign the counter offer as soon as he/she is prepared to accept it. However, this has to be done within the irrevocable period stipulated in the sign back. The effect is that the counter offer says "We won't pay you X, but we are willing to pay you Y." In saying this, it's up to the seller to accept the "Y" and if this is the case then the contract comes into effect at this revised price.
What services do Proxibid offer?
Proxibid is an online auction house which has fixed on selling valuable goods like antique objects, land areas, real estate, excavators and computer equipment.
I told real estate agent over the phone that I accepted offer on our phone. nothing signed and backed out of deal a day later am I liable?
I agreed over the phone to accept price on our home in Louisville Kentucky then backed out Am I liable for anything
How can executor of an estate buy out other family members on real estate?
First, the estate must be probated and the executor must be appointed by the court. Then there are different ways the executor can purchase the real estate. They could petition the court for a license to sell the real estate with the executor as the purchaser after a fair market offer has been accepted by the beneficiaries. The executor would need to obtain the assents of all the other beneficiaries to the petition. The court would likely allow such a transfer. Another method would be for the executor could wait until the probate procedure has been completed and then purchase the property from the beneficiaries who inherited it and are now the legal title holders. Either way, the executor should consult with the attorney who is handling the estate to make certain the transfer is done properly and title is passed legally.
What can you do if the executor won't settle my moms estate?
Usually there are steps to be followed before the estate is finally settled. Depending on the state, there is an ending date, which might be a year later. There is also an extended period of time for bills to be presented to the estate for payment. The thing to do is to wait, offer any help or documentation if you have it, and wait some more until the estate is settled. Becoming an issue with the executor certainly will not speed things up.
What is the meaning of under offer in house buying?
It means that the vendor already made an offer of the house but the buyer has not finally decided whether to accept it.
If you Make an offer on a house and later change your mind?
If you make an offer and they accept it it is official and you can noy change it
How do you sell your house?
First, contact a skilled real estate broker. The broker will then give his recommendations on what needs to be done as far as fixing your home. It will then be listed and the real estate agent will probably put a lockbox on it so that they can show it while you are absent. Hopefully, within a matter of weeks you will get an offer and you choose whether to accept or give a counter-offer.
My uncle is the executor of my grandmother's estate Per her will her house is to be sold and divided amongst her children and grandchildren My uncle wants to buy the house himself can he?
To avoid a conflict of interest, your uncle would have to pay fair market price (as determined by an independent third party). If some of the other heirs did not agree to that, he might also have to put the house on the market and pay more than the best offer received. Then as executor he would divide the proceeds by the number of heirs (including himself).
Can an executor of an estate remove heirs from a property that is designated to be sold in the will if those heirs have paid the property taxes?
Yes, if the property was owned by the decedent and the Will provides that it be sold. In that case, the executor must carry out the provisions in the Will unless the provision is changed by a court order. It is assumed that there are other heirs besides the ones who paid the taxes on that property. The heirs who paid the taxes can file a claim against the estate for the amount they paid in taxes and they can offer to buy the property from the estate if they wish to keep it. They should speak with the attorney who is handling the estate.
Can an executer use estate money to repair real estate property in order to sell?
Generally, yes. As long as the repairs are reasonable and necessary. There are times when repairs must be made in order to be able to sell the real estate or to close the deal when an offer has been made. In that case the repairs are definitely a reasonable expense. In fact, that type of decision is the responsibility of the executor. The executor should always consult with the attorney who is handling the estate when money matters are at issue. Mishandling of estate assets can result in personal liability.
Does buyer or seller provide Purchase and Sale Agreement in Real Estate transaction?
In a normal real estate transaction, the buyer or his agent would present the Offer to Purchase to the seller for him to either accept of alter, creating a counter offer. If the offer is acceptable, the seller then signs it, which is referred to as Acceptance.
How to terminate an executer of estate?
I am assuming this question relates to a situation where the executor has already been appointed and the beneficiaries are unhappy with the administration. You can file a lawsuit in the probate court demanding the removal of an executor, however you will have to prove that the executor is acting unlawfully to the detriment of the estate or otherwise not fulfilling his/her duties. Mere animosity between an executor and beneficiaries without proof of some substantial wrongdoing will not serve as grounds for the court to order a removal. These lawsuits should not be filed unless there is serious wrongdoing because with legal fees for both sides a lot of the estate can be spent in the litigation. Besides, courts offer beneficiaries other remedies for problems, such as forcing an executor to make an accounting. Most Courts consider removal of executors a drastic measure.
Can an executor of a will accept an offer on property like a house without letting the beneficiaries know?
The executor or executrix is responsible for carrying out the wishes of the deceased. They are not, strictly speaking, required to consult the heirs as to the details of this unless the will explicitly specifies that they must. The answer, therefore, is yes, she can. If one of the heirs believes the executrix is not acting in good faith, then there are legal remedies for this; they should contact an attorney. Not taking the first offer that comes along is not necessarily a failure to act in good faith, though.
Can executors sell a house willed to seven beneficiaries where two beneficiaries do not want it sold?
If two of the beneficiaries want to keep the property then they should try to work out an agreement with the remaining beneficiaries to buy out their shares for a fair price. However, the executor may have the power to sell the real estate. The testator often gives that power right in the will. In that case, the executor may sell the property without any license from the court. If the power to sell was not granted in the will the executor must apply for a license to sell the real estate. The two beneficiaries may object to the sale. However, they should be prepared to offer an alternative since five of the beneficiaries do want to sell. Unless they offer to buy out the other beneficiaries the court is likely to issue the license to sell.
