What authority does an executor have with regard tosetting the sales price of estate property?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What authority does an executor have with regard tosetting the sales price of estate property?
Out of 3 siblings, youngest was made executor of estate. Can he reduce price of property without the other 2 siblings being asked or notified?
Asked on September 23, 2011 under Estate Planning, Virginia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am so sorry for your loss. I need to clarify exactly what you are asking here. Generally speaking, an executor of an estate has the obligation t have an asset like a house appraised by a licensed appraiser in order to properly list its value in the probate petition and to determine and set the sales price. The appraisal is a "date of death" appraisal meaning that the value is the amount that the house would have most likely sold for at the time of the death of the parent. Now, if the house is placed on the market and the value is too low or too high, the executor does have it with in their power to adjust the price accordingly. However, the executor is not acting in the best interest of the estate if he or she sets the price too low or too high or with an ulterior motive. In other words, if the executor wishes to value a $200K house at $70K to make it easy for some one in particular to purchase that would seem to be sagainst the interests of the estate. Get help. Good luck.
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.