QUESTION
Executor wants to buy a house in the estate for what I believe is below market value. I want to sell it!
Asked on Aug 31st, 2020 on Estate Planning - North Carolina
More details to this question:
My sister and brother are executors of my mother's estate in North Carolina. My brother wants to buy my mom's house under market value. I am a real estate agent and past appraiser. My brother, the executor, got an appraisal which I feel is well below market value so I want to sell it. I would also get a commission if I am the referral agent even though that is not the reason. It's about the money. My siblings, the executors, are saying that if I don't agree to sell it to my brother that they will hold onto the property. They are holding the home hostage. There are 5 of us and I am the only one holding out. Are they allowed to do that or do they have to sell the property and split the proceeds equally, which I am not opposed to. They are also saying that all spouses have to sign the deed, when only my mom's children are on the deed. Correct or incorrect?
1 ANSWER
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In most states the executor is not allowed to purchase property from the estate as that would be seen as a conflict of interest.
In most states, after a certain amount of time has passed, any beneficiary who has not received a distribution can ask the court to replace the executor.
In most states, a beneficiary who inherits part of a property can sue for partition, forcing partition or a sale.
Contact a local probate attorney.
Answered on Sep 01st, 2020 at 5:12 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.