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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 else can I help you with?
Can a beneficiary force the sale of a property when executor years ends if the other beneficiaries disagree?
Type your answer here... Can a beneficiary force executors to wind up an estate, or ask them to buy him out in respect of a property being involved
Who is the optionee in real estate?
The optionee is the person who pays the optionor for the right to buy a certain piece of real estate which the optionor owns.
Which real estate company provides listings for cheap properties?
Real Estate Companies that provide listings for cheap properties include Real Estate NZ, Realtor, Real Estate, Zillow, Nolo, PR Web, Real Estate One, Rent Swap Buy, and First National.
Does the spouse have to buy out the heirs of the decease to get the estate?
Whether a spouse must buy out the heirs of a deceased partner to inherit the estate depends on the laws of the jurisdiction and the specifics of the deceased's will or estate plan. In many cases, a surviving spouse has a legal right to a portion of the estate, which may include community property or elective share rights. However, if there are specific bequests to heirs or if the estate is contested, the situation may be more complex. Consulting with an estate attorney is advisable to understand the rights and obligations in such cases.
What type of services are provided by Andrew Estate Agents?
Andrew Estate Agents are a real estate agency located in the United Kingdom. A person can buy a home, sell a home, offer a rental property, or rent a property through this agency.
As sole executor of will can you be forced to sell house by the other beneficiaries?
As an executor, you have a duty to sell the house and distribute the proceeds. If you want to buy the house from the estate, you can make that arrangement.
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.
Can an executor buy family home at full price if they are also a beneficiary if 3 out of 4 beneficiaries agree?
Any of the beneficiaries could buy the property at full price. The court has to approve it, but I don't see any reason why they wouldn't approve a valid sale at a market value. The money goes into the estate and is then divided between the debtors and beneficiaries.
Can a beneficiary force the sale of a property when executor years ends if the other beneficiaries disagree?
Type your answer here... Can a beneficiary force executors to wind up an estate, or ask them to buy him out in respect of a property being involved
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 I get a mortgage for?
You can get a mortgage to buy a home or other real estate property.
Can an executor buy property of the estate to pay the beneficiaries?
Yes, the executor has the duty to carry out the instructions of the will regardless of what any potential beneficiaries may want. There may be situations in which the executor must sell certain property in the best interests of the estate. Of course, any questionable actions of an executor can be challenged in court.
Can one of two executors purchase the home and land from the beneficiaries with his inheritance before the estate is settled?
Yes, the administrator of an estate may purchase a home from the estate; however, that type of transaction is inherently a conflict of interest and would have to be approved by all beneficiaries having an interest in the property or by the probate court. Obviously a person buying a house wants to pay as little as possible to buy a house; but, the administrator has a fiduciary duty to receive as much as possible when selling the house. Usually, the administrator gets the consent of all beneficiaries to the transaction. They agree in advance that the sale price is satisfactory and that they have no objection to the administrator buying the house at that price. Sometimes administrators are required to apply to the probate court for the authority to sell the house and for permission to buy it. The administrator would have to prove to the court that the transaction is fair and above board. The beneficiaries would have an opportunity to raise objections if they object to the purchase price. If the administrator has no ownership interest in the property, he cannot force the beneficiaries to sell the house to him/her.
What is the best place to start looking to buy real estate in Idaho?
The best place to start looking to buy real estate in Idaho is on real estate websites such as Realtor, Buy Idaho Real Estate, Real Estate Sand Point, and Idaho Properties.
What is the process of establishing Market value of a house in order for a part beneficiary to be able to buy the other beneficiaries out of their share?
Have an independent appraisal conducted. They run around $400.
What is a type of loan that is used to buy real estate?
A loan used to buy real estate is a mortgage.
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