Legal Question in Wills and Trusts in New York

Sale of House to co-Executor

My sister and I are the co-executors of our mother's estate. The will states that everything is to be sold and equally shared by the 4 children. My sister (co-executor) is interested in purchasing the house from the estate, but wants to do so in such a way that she deducts her portion (25%) of the proceeds from the sale of the house up front at time of purchase (ie house worth 400K , she would pay total 300k at the closing in the form of her deposit + check from her mortgage lender). Procedurally , how do we(co-executors) document that she is purchasing the home at 400k , but using 100k of her inheritance from the sale of the house. Is a promisory note the proper method ?? You can assume that the total value of the estate is sufficient to cover any other debts owed by same.


Asked on 7/03/07, 1:23 pm

1 Answer from Attorneys
Michael Moberg Moberg & Associates

Re: Sale of House to co-Executor

It can be done with a gift of equity stipulated in the contract of sale. Should you need assistance with this matter, please ocntact our office for a complimentary consultation.

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Answered on 7/05/07, 10:37 am


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