Stop Attorney contract review and approval !

[joemuni]

What is the name of your state (only U.S. law)?
New Jersey

My sister who is executrix is selling property inherited equally by myself and
another sister. I had informed them and their listing realtor that I would
be buying out their shares pending the approval of my mortgage.

They went ahead and have a buyer in the contract review process by the
Estate Attorney who they tell me will approve the sale this Friday.

How can I stop this sale ? If I send a letter to Estate Attorney, will that
stop the sale ? In the meantime I'm trying to find an Attorney.

If they do go ahead with the sale, will the Probate Court deny the sale
since I am heir to 1/3 of the property ?

Thanks for comments.

 

[LdiJ]

What is the name of your state (only U.S. law)?
New Jersey

My sister who is executrix is selling property inherited equally by myself and
another sister. I had informed them and their listing realtor that I would
be buying out their shares pending the approval of my mortgage.

They went ahead and have a buyer in the contract review process by the
Estate Attorney who they tell me will approve the sale this Friday.

How can I stop this sale ? If I send a letter to Estate Attorney, will that
stop the sale ? In the meantime I'm trying to find an Attorney.

If they do go ahead with the sale, will the Probate Court deny the sale
since I am heir to 1/3 of the property ?

Thanks for comments.

About the only thing that you could do is try to file an injunction to halt the sale temporarily. However, you are going to have to be able to make an offer that is at least equal to what the other buyer is willing to pay.

 

[tranquility]

An attorney would be needed. While the administrator has the power to choose who to sell to, if the choice breaches a fiduciary duty, the administrator can be removed. I have no idea if there is a breach under the facts given.

 

[nextwife]

Does the estate have enough OTHER assets with which to pay all the estate creditors without needing to sell the house to pay them?

 

[joemuni]

I was able to send Estate Attorney a letter of intent to buyout the 2 siblings
shares pending the approval of my mortgage from lender. I'm not sure if I should send a more formal legal letter of Intent to Purchase that I downloaded, or even a Real Estate Purchase Contract.
My sister executrix has been pressuring me to submit a Mortgage Commitment. My lender says he will have it in a few days after he sees the Appraisal Report. I don't know if I will be able to match the amount from the other offers. If I cannot, do I have recourse in the Probate Court since they may have authority to stop the sale.

Would I need to file immediately with the Probate Court ?

I believe if I wait, the outside buyer will find problems with the property and pay less for it, so I could match that amount.

 

[tranquility]

I was able to send Estate Attorney a letter of intent to buyout the 2 siblings
shares pending the approval of my mortgage from lender. I'm not sure if I should send a more formal legal letter of Intent to Purchase that I downloaded, or even a Real Estate Purchase Contract.

Since there is no legal duty to sell to you, a letter, formal or not, should make no difference.

My sister executrix has been pressuring me to submit a Mortgage Commitment. My lender says he will have it in a few days after he sees the Appraisal Report. I don't know if I will be able to match the amount from the other offers. If I cannot, do I have recourse in the Probate Court since they may have authority to stop the sale.

If this were the case, you would have no recourse at all. The probate court will not stop the sale. Not only that, the executor would not be in breach of her fiduciary duties if she got more than your offer.

Would I need to file immediately with the Probate Court ?

I believe if I wait, the outside buyer will find problems with the property and pay less for it, so I could match that amount.

At this point you don't have a breach. The court will not help you. If the property were to sell at a latter date and less than your offer were realized, you may have a fiduciary breach.

 

[joemuni]

I'm not sure if this is correct ?

Selling to me would involve a Quitclaim and transfer of property from other
siblings. But selling to an outside party would involve a Commision to
the Realtor-Broker, which is substantial.

This would not be in the interests of the Estate to pay this additional fee, and
could be a Breach of Fiduciary duties.

Thank you for comments.

 

[anteater]

Selling to me would involve a Quitclaim and transfer of property from other
siblings. But selling to an outside party would involve a Commision to
the Realtor-Broker, which is substantial.

This would not be in the interests of the Estate to pay this additional fee, and
could be a Breach of Fiduciary duties.

The property was listed with a realtor and there is already a contract that the executor's attorney is reviewing? And you are trying to get in on the action only now?

Realtors generally aren't too happy when they perform and don't get paid for it.

 

[tranquility]

The property was listed with a realtor and there is already a contract that the executor's attorney is reviewing? And you are trying to get in on the action only now?

Realtors generally aren't too happy when they perform and don't get paid for it.

I agree. The real estate agent has already earned her commission if there is a full offer on the table being reviewed. (Or, an offer above any other price. It is usually FMV as the rule and not the amount realized.)

 

[HomeGuru]

**A: Joe, who currently has title to the property?

 

[anteater]

My sister who is executrix is selling property inherited equally by myself and
another sister. I had informed them and their listing realtor that I would
be buying out their shares pending the approval of my mortgage.

They went ahead and have a buyer in the contract review process by the
Estate Attorney who they tell me will approve the sale this Friday.

I seem to recall a fairly recent thread on a strikingly similar subject in which there was no mention of realtors being retained, offers made, contracts being reviewed... And, to which, I replied that the poster should get on the stick before a realtor is retained and the property is listed.

I can't seem to find that thread now. I have my suspicions that there is some "fact massaging" occurring here.

 

[joemuni]

The will was filed in Probate Court this past September. Personal property of my mother was changed to "Estate of Mom Name". I do not know about Real Property deed. Originally deed was in the name of both parents.

Thanks for comments.

 

[HomeGuru]

You are at the mercy of the Probate Court.