Legal Question in Wills and Trusts in Florida

absent any agreement to the contrary any of the heirs can offer to buy the property. I would suggest that if any of the heirs want to buy the property that they all agree to it without the use of a broker. If you have a willing buyer then whay should you have to pay the commissions.

As for any percentage of value, it really doesn't make sense for the purchasers to pay themselves for the value of the property. In many cases I suggest the parties agree to a sale price of the property as a whole, and the heirs buying the property simply pay the remaining heirs their share.

Example: If the sale price is $100,000.00 then 1/5 of that is $20,000.00. This would be the amount each heir would get (assuming equal interest). Each of the heirs who are selling their interest would get 1/5th of the sale amount in exchange for signing over their interest in the property.

I would have only a few comments to add to Mr Gwaitneys' remarks, and that would be to consider:

a. Capital gain if any from the date of death to the present sale date, and pay attention to the 1099 used in any sale and be sure to prepare one if not closed professionally; b. You should have at least 2-3 market valuation letters from local realtors and consider the average of same should you not have a formal appraisal made.