Legal Question in Wills and Trusts in New York
Sale of house in will
I have a relative that died and stated in the will the house was to be sold and the profits divided amongst the remaining family members in a specific percentage amount. The executor of the will decided he was not going to sell the house to a stranger, but would purchase the house himself. He moved in and has applied for a mortgage and was approved. The bank is saying it takes 6-8 weeks from the time the mortgage is approved to go to closing. My questions are: 1. Why does a closing take so long? and 2. After the closing, how soon can the money be disbursed? Thank you.
2 Answers from Attorneys
Re: Sale of house in will
I would agree with the other response except for one point. Distribution of funds to heirs should not occur until after the time for creditors to come forward has expired. Until all the possible debts of the estate are known and/or paid it would not make sense to distribute funds as the PR must retain enough dollars so as not ask heirs for any returns. Be sure to ask to see the appraisal or you could have one done yourself for a couple of hundred dollars.
Re: Sale of house in will
First, make sure the executor bought the house at fair market value. An executor cannot get a bargain purchase.
30 dyas is all it takes to go from mortgage committment to closing.
You should get your money right after the closing.
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