QUESTION
Am I obligated to finalize the transaction to sell part of the land I inherited?
Asked on Jan 29th, 2015 on Estate Planning - Texas
More details to this question:
I inherited 100 acres from a relative who unexpectedly passed away. One month prior to his death he had entered into a sales agreement to sell a 5 acre lot for commercial development. I do not want to complete the transaction. Is estate obligated to finalize transaction? I am executor. The land sale agreement makes no notes regarding death or estate.
1 ANSWER
Wills and Estate Planning Attorney serving Sugar Land, TX
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Law Offices of Kimberly D. Moss, PLLC
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This is a tricky question. The answer depends on a few things. First, did the buyer pay any kind of earnest money for the property to your relative? If the answer is yes, and that buyer executed and filed a deed, the buyer may have technically owned the land before you inherited it, meaning that you essentially inherited nothing. If the answer is no, the terms of the sales agreement prevail. My strongest recommendation is to consult with a local attorney who is familiar with real estate and estate planning law as soon as possible to find out what your rights and obligations are.
Answered on Feb 02nd, 2015 at 1:13 PM