Legal Question in Wills and Trusts in New York

Sale of estate home

I�m am executor to a complicated estate, almost 3 years open, 8 heirs/siblings. Two homes and $10k cash remain for distribution. Debts are paid. Listing price is 9% over appraisal. Two of my siblings have interfered with the real estate dealings, tried to invoke acceptance of a low-ball offer and get listing price lowered. They threatened the broker. We were dropped and I had to find another agent. They also sent letters to Surrogate Court wanting the Judge to intervene. At this point I believe this controversy has worked adversely against our price. The will does not give any directive to sell the homes, only that they be given in equal shares to the heirs. They�re paid for and produce rental income. I would like to propose to Court that the deeds be transferred into the names of the heirs, tenancy in common in equal fractions. I am willing to buy out the complaining siblings for an agreed price. The rest of us will work together amicably to sell property. Does anybody know how the Courts typically deal with these matters? Could the Judge force the sale of property below market value? Or, if an agreed price is reached can I buy them out now, before estate is closed? Thank you.


Asked on 2/04/06, 8:12 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Sale of estate home

The Court has final say and it sounds like you may need judicial intervention. Depending on how long the properties have been on the market, your asking price may be too high. One of the things the Court will look at is what has been the impact on the estate by the delay in selling. Have the rents at least covered the operating costs? If not, you might be at risk for delaying a sale. If they cannot be sold, or sold for a reasonable price, the suggestions you offer (putting the Deed in tenancy in common and offering to buy out the dissenting heirs) can be entertained by the Court. I presume the price you will offer is their proportionate share of the asking price. If less, why? This latter point is important as it may impact on their complaint that the selling price has been too high. In any event, the Court will have to resolve these issues.

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Answered on 2/05/06, 1:19 pm


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