Legal Question in Real Estate Law in New Jersey
Me and my brother are in my moms will. my brother is executor. We are now in the process of selling her house and he told me he had to fill out an L9 form to obtain ownership of the house for the closing and the mortgage company will cut a check to him in his name, he will deposit in the estate account and then disburse 50/50...Is this normal for an executor to have to do this?
1 Answer from Attorneys
This sounds fishy to me.
First of all, the L-9 is a NJ inheritance tax waiver form, it has nothing to do with ownership of the house.
Second, in all likelyhood, if the inheritance/estate tax has not been paid, the buyer's title company will require the estate to escrow funds at closing until a waiver is issued or proof is provided that the estate is not subject to tax.
Third, the buyer's attorney/title company will issue a net proceeds check payable to "the estate of ____" not to an individual beneficiary like your brother. The check should be deposited into the estate account and you should be paid your share.
You should have an attorney represent your interests.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
