Legal Question in Wills and Trusts in New York

You make yourself vulnerable to surcharge if you purchase the condo, even if you can demonstrate that the price is the fair market value. Angry heirs are peculiar animals; they will sue even if the objective is to secure some payment from you. The best procedure is to conduct an auction, seek approval from the parties in interest or seek approval from the Surrogate, on Notice to all parties.

I agree with Norman, that even if you have the right to sell to anyone, the fact you are interested requires you to give notice and get approval. It is possible the other heir will consent and you may be worried for nothing. Also, you might consider going to Court for instructions, which will require you to notify the other heir anyway, so to cut it short, try contacting them anyway. Your fall-back may be the auction route. Also, you might consider getting offers and just outbidding them. In any event, because of the potential conflict of interest, you will need approval. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship.