Estate Tax selling inherited property

I am considering making an offer to purchase property sitiuated in Indiana. The property is coming out of probate in a few weeks and the executor wants to sell fast. I am going to offer a buy agreement/land contract. In order to structure the $ offer and contract fairly, I need to know what the tax ramifications are for the seller...does he have to pay estate tax at the time of the contract is agreed upon or is the tax paid when the contract is satisfied? Is selling a home on contract considered "sold"? Is there any tax benefit or relief to the seller to if he agrees to a land contract sale. The term of the contract will be 2-3 years with a baloon pmt due. The amount he will carry me on will be amortized over a 30 year schedule @ 7%. The P&I will be paid to him (or would this be paid to the estate) By the way, I'm not quite clear on who or what is selling the property...the estate or the executor who also inherited the property?

thanks for your help

There are basically no tax ramifications for the seller. The Estate Tax depends on the value of the estate at death. It has nothing to do with any sales of the property.

As for the income tax on the sale, there probably is none, whether it is the estate making the sale or the person who inherits the property. Any gain on a sale of assets is equal to the sale price of property less its basis. And the basis of property in an estate or to the heir is equal to the value of the property at the time of death. Since the sale will be made shortly after the death, the amount of the sale will be the same as its basis, so there will probably be no gain or loss.