In a multiple offer situation which offer takes precedent
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
In a multiple offer situation which offer takes precedent
I am an executor of an estate with a property to be sold in Pennsylvania. Unfortunately I live in Va. and am unfamiliar with Pa. Real Estate Law.
I expect considerable interest and possibly multiple offers for the property involved.
What is Pa.law regarding multiple orders. Does a written offer have to be accepted or rejected before others can be considered or can all offers be considered simultaneously choosing the best for the estate. Thank You for you help and advise in this matter
Asked on February 8, 2018 under Real Estate Law, Pennsylvania
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
All offers may be considered simultaneously and you can select the best one for the estate; you are not obligated to consider them sequentially (e.g. in the order in which they were presented) and accept or reject each one one at a time. Indeed, since your fiduciary duty as executor is to do the best for the estate and beneficiaries, you would be violating your duty to NOT consider all the offers before selecting the best.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.