QUESTION

How many days does one have to secure financing when attempting to buy the family house inherited by passing of parent when it is willed to more than.

Asked on Dec 12th, 2020 on Wills and Probate - Utah
More details to this question:
My fiancé‘s father passed away he will the house to all four siblings. The siblings agree that he should have the first option to have the house by buying out the other siblings. But one sibling is insisting that he only has 90 days to secure the financing or move out. Is that really the law?
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1 ANSWER

Wills Attorney serving Austin, TX
2 Awards
There are two or three questions here.   First, is he entitled to live in the home rent free for 90 days or any other period of time?  No.   Second, how long after the court appoints an executor or successor does that person have to sell the home before the mortgage lender can foreclose?  Federal law allows six months.   Third, can the sibling set a 90 day deadline for a prospective buyer to obtain financing?  No.  The sibling does not even have the right to demand an accounting until many months (usually over a year) have passed or to ask the court to replace the executor until an even longer period (say, two years) has passed without the sibling having received a distribution (one quarter of the net sale proceeds of the home).  This is usually the same period which must pass before the sibling can bring a suit for partition, forcing a buy out or sale.
Answered on Dec 13th, 2020 at 5:15 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.

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