Legal Question in Real Estate Law in New Jersey
real estate
My sister was named executor of my mothers will. I was to recieve 20% of my mother's estate. Her only real asset was her home. My sister's son works for a large Real Estae/Mortgage company. He writes mortgages. Less than 2 months after my mother died my sister sold my mother's house to her son . The sale price was 240,000. He obtained a mortgage for 160,000 fromthe company he works for. Then my sister gave him a gift of equity of 80,000 off the top of estate assets, basically she gave him an 80,000 discount off the price of the house. I was not informed of this. So what she did was sell the house way under market value to her son who bought it and financed it through the company he works for. Is this legal? Is there any action I can take other than filing a civil suit against my sister as the executor of the estate? The house was sold on Oct. 29 and the settle date was Nov. 9. My sister and her son live in New Jersey, I live in Florida.
2 Answers from Attorneys
Re: real estate
yes, you can. it is fairly simple to force the executor to 'account', that is give an explanation of what she has done with the assets of the Estate that she is entrusted to handle. And if she mishandled, she is going to have to pay the cost of her mishandling.
I would need to know a good deal more to guide you. I am handling two such matters of this type right now, and have done quite a few in the past. It is well worth looking into.
Please call my office if I can assist you. You can then decide how you would like to proceed.
My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.
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Re: real estate
You should get an accounting of the estate from your sister. Also you should receive a distribution of the proceeds. If your share includes part of the $80,000 gift you may have to go to Court. If you receive half of the $240,000 less normal closing expenses, you should be alright. Any questions please call me.
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