Estate Real Property Insurance Issues

[rowz]

What is the name of your state: New Jersey

I am the named executor of an estate and was upheld in that capacity in our initial hearing by the judge, with limited authority.
There was a caveat entered that has stopped probate and the case is in the "settlement conference" stage. No 'letters' have been issued.
Its been a year and a half since the caveat was entered & now the estate itself is about out of $.

The house is unoccupied AND un-insured. The "contestor" has been largely unco-operative with $ for any expenses. A vacant home policy for 90 days is about
1,100.00 The lawyers involved have been strongly urging me to get the house on the market.

I had it listed with the R.E. company where I hold my real estate license though I was not the listing agent.
I had alerted the Agency that there needed to be a disclosure with sign off to hold harmless the estate from any and all damages to all that entered. I would accompany the entrants to act as witness to visits, inspections etc. All entry to the property was to be at the sole risk of loss to the prospects and their Agent. The one showing that they did have does not appear to have been adequately covered by an appropriate hold harmless agreement.

After 2 weeks the Broker of Record decided [after speaking with his attorney] that the risk was too great for his firm and released the estate from the listing.
I have placed a FSBO sign and am fielding the inquiries.

Is there a format that I can use to create such a document that will "hold water" OR....is this UPL ?

My lawyer & the lawyer for the bene have been asked since the inception of the listing for such a document and to date it has not been provided.
The peak Summer home sale window is closing and I have received about a dozen calls. I would like to do some showings this week.

Suggestions and input is greatly appreciated. Thank you all for your time and attention.What is the name of your state (only U.S. law)?

[BlondiePB]

Originally Posted by rowz

What is the name of your state: New Jersey

I am the named executor of an estate and was upheld in that capacity in our initial hearing by the judge, with limited authority.
There was a caveat entered that has stopped probate and the case is in the "settlement conference" stage. No 'letters' have been issued.
Its been a year and a half since the caveat was entered & now the estate itself is about out of $.

The house is unoccupied AND un-insured. The "contestor" has been largely unco-operative with $ for any expenses. A vacant home policy for 90 days is about
1,100.00 The lawyers involved have been strongly urging me to get the house on the market.

I had it listed with the R.E. company where I hold my real estate license though I was not the listing agent.
I had alerted the Agency that there needed to be a disclosure with sign off to hold harmless the estate from any and all damages to all that entered. I would accompany the entrants to act as witness to visits, inspections etc. All entry to the property was to be at the sole risk of loss to the prospects and their Agent. The one showing that they did have does not appear to have been adequately covered by an appropriate hold harmless agreement.

After 2 weeks the Broker of Record decided [after speaking with his attorney] that the risk was too great for his firm and released the estate from the listing.
I have placed a FSBO sign and am fielding the inquiries.

Is there a format that I can use to create such a document that will "hold water" OR....is this UPL ?

My lawyer & the lawyer for the bene have been asked since the inception of the listing for such a document and to date it has not been provided.
The peak Summer home sale window is closing and I have received about a dozen calls. I would like to do some showings this week.

Suggestions and input is greatly appreciated. Thank you all for your time and attention.What is the name of your state (only U.S. law)?

Pay the insurance yourself and file a claim against the estate when the house sells. Call those people & show the house.

[rowz]

Many thanks for the quick reply. I certainly understand that POV....now here comes the 'but'.

I am already owed 1100.00 in property maintenance charges for the time since DOD. [lawn/gutters/Spring/Fall/Spring clean ups/as-needed street trash clearing, etc. I could have [according to the way I read the initial order allowing for payment of maintenance] paid myself, but felt it better to keep the taxes & utilities up. Too, I am several thou into legal fees.

Will I be able to get interest on this $ ?

If, in the next court visit I can get the"freeze " on the remaining account lifted I can pay the [late] RE taxes for last quarter, the insurance, and either some lawn care or the next quarter of RE taxes due in 6 weeks or so. We just avoided a summons today by having the 15" high lawn cut. [had gotten a warning]. It was almost 300.00 and just about depleted that small account [the one that was NOT frozen]

I could probably do the insurance out of pocket, but am loathe to advance anyone anything at this stage.

This may be/is a divided interest and the one that is contesting is not co-operative at all and may just lose their lawsuit due to no evidence.
Again, my thanks.

P.S. wil I be able to charge a [reduced] real estate sales fee, on top of my executors percentage should I be successful in landing a buyer? I do have a NJ RE sales license. Do these fees reduce the taxable estate?

[BlondiePB]

Originally Posted by rowz

Many thanks for the quick reply. I certainly understand that POV....now here comes the 'but'.

I am already owed 1100.00 in property maintenance charges for the time since DOD. [lawn/gutters/Spring/Fall/Spring clean ups/as-needed street trash clearing, etc. I could have [according to the way I read the initial order allowing for payment of maintenance] paid myself, but felt it better to keep the taxes & utilities up. Too, I am several thou into legal fees.

Will I be able to get interest on this $ ?

If, in the next court visit I can get the"freeze " on the remaining account lifted I can pay the [late] RE taxes for last quarter, the insurance, and either some lawn care or the next quarter of RE taxes due in 6 weeks or so. We just avoided a summons today by having the 15" high lawn cut. [had gotten a warning]. It was almost 300.00 and just about depleted that small account [the one that was NOT frozen]

I could probably do the insurance out of pocket, but am loathe to advance anyone anything at this stage.

This may be/is a divided interest and the one that is contesting is not co-operative at all and may just lose their lawsuit due to no evidence.
Again, my thanks.

P.S. wil I be able to charge a [reduced] real estate sales fee, on top of my executors percentage should I be successful in landing a buyer? I do have a NJ RE sales license. Do these fees reduce the taxable estate?

Since when does FSBO = a realtor's listing?

As for charging interest etc., you require your attorney to advise you.

[rowz]

BlondiePB, et al: sorry if I caused confusion.

I have an active realtors license. The office where I have my license had listed the property for 2 weeks, then released the listing with an unconditional withdrawal. [their stated reason was the insurance issue]

I am FSBO'ing the home with [at the moment] a FSBO yard sign and making the necessary disclosure to all those that inquire that I have a RE license but am representing the estate as the Executor.

Reviewing my posts, I see that I may have left out the detail that the listing was released by the RE firm.

The lawyer[s] have yet to respond to my letter for guidance....though it has been only about 7 business days. They certainly have bigger fish to fry.
Again, my thanks for your time and attention.