Can a spouse purchase property from an open estate?
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Can a spouse purchase property from an open estate?
I am an executrix for my father’s estate along with my sister. We are also named in the Will as his beneficiaries/heirs. My father owns 2 properties. I plan on taking possession of the one property and having the property transferred to me through the estate for an agreed upon amount. My husband would like to purchase the property outright for the agreed upon price with cash, no mortgage. Is he allowed to do that? If so, how long after purchase could he obtain the title/legal ownership of the property?
Asked on July 12, 2011 under Estate Planning, Pennsylvania
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am so sorry for your loss. So are you and your husband buying the property together? Or is your husband buying the property in his name only? Either can do that but you realize then that what is considered your inheritance and separate property then becomes marital property. believe me I am not trying to discourage you from buying it together it is juse that you should speak with a financial adviser about the entire matter. As for obtaining title, you can not sell or distribute any of the estate assets until the debts are paid, unless o course you are selling the property to pay the debts, and the estate returns are completed. It is then transferred by executor's deed. I would strongly suggest that you get some help here. Good luck.
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