Legal Question in Wills and Trusts in Michigan

Probate

My Father passed away in January 2002. I'm his personal Representative. The only thing we probated was his house. I thing is my father refinaced quite a few times. He owes about 144,000 . There is 9 of us in the will.Most agree to let one of the brothers buy it, he has painted, new carpet and brought it up to code. How do we get my brothers name on the house so he can finance it? and can we close the estate with out the house being sold? Thanks


Asked on 12/31/02, 1:02 am

1 Answer from Attorneys
Patricia Prince Patricia Gormely Prince, P.C.

Re: Probate

The Estate must remain open until the house is either sold or distributed to one of the heirs. You can have the Estate and your brother sign a purchase agreement for the house. This will allow your brother to obtain financing. Make sure the purchase agreement has a financing contingency so that your brother is not penalized if he is unable to obtain financing within a certain number of days. I would strongly recommend hiring an attorney to assist you. There are several legal issues involved, and as Personal Representative, it is your responsibility to properly administer the estate.

Read more
Answered on 1/02/03, 8:35 am


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Michigan