Legal Question in Wills and Trusts in Mississippi
Home to be Sold
My grandmother's will states her house is to be sold, bills paid, and any remaining equity to be split among her one daughter and 5 grandchildren. The will does not set a price.
The daughter wants to purchase the home for $10,000, $40,000 below market value. 3 of the 5 grandchildren do not agree to sell it for $10,000. Do we as heirs have the right to set the price? We cannot come to an agreement; what next?
Thank you!
2 Answers from Attorneys
Re: Home to be Sold
The executor needs to retain an attorney for probating the estate. It seems that it would be preferrable to the family that someone in the family buy the property rather than a stranger. Therefore, its a matter of negotiating purchase terms. I suggest that you have a real estate agent for the executor try to come up with purchase terms agreeable to all.
Re: Home to be Sold
The sales price should be controlled by the executor, as approved by the Chancery Court. Has the will been admitted to probate in Chancery Court? If not, it needs to be. The fair market value of the home is controlling. Contact us if we can be of further assistance.
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