[WSBAPT] Sale of real property to heir of decedent

Mon Nov 2 11:45:49 PST 2015

I take a somewhat different approach. I would require the Personal Representative to get a TEDRA agreement in place ahead of time if they were selling for less than FMV (or close) or buying themselves, but if selling to one of several beneficiaries, I might simply file an “intent to sell” notice and provide notice to each party impacted by the sale that the Personal Representative intends to sell to Beneficiary A, at what price, and the other beneficiary’s right to come in with a higher price or object. I think if you give the beneficiaries sufficient information, particularly where the Personal Representative is not a beneficiary, and they don’t object timely, they aren’t going to have much room to object later.

I don’t think you can discount for the lack of commission without an agreement or appropriate disclosure and would not give a 6% discount in any case, but maybe allow the beneficiary a small discount and the estate reap the remaining benefit of no commission. That benefits all beneficiaries as long as the price is right.

If I thought I was dealing with a high conflict family, that would impact my advice, but where there were no apparent issues or conflicts on the horizon, I try to do whatever possible to avoid creating conflict; open and frequent communication and disclosure is often the best tool to that end.

Heather

Heather S. de Vrieze
Attorney-at-Law
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Jeff Davis
Sent: Monday, November 02, 2015 11:18 AM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Sale of real property to heir of decedent

You may want to review RCW 11.56.010, 080, 090, 100.  This requires court approval.

Jeff Davis

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Mark Higgins
Sent: Monday, November 02, 2015 10:45 AM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] Sale of real property to heir of decedent

John--this is a high risk proposition, because there is so much opportunity for estate beneficiaries to complain.  I would have the pr insist on agreement of all, both as to the identity of he buyer as well as the price (including discounted for lack of commission) and terms.  If somebody will not agree that is the first clue that storm clouds are brewing.

Mark

On Mon, Nov 2, 2015 at 10:01 AM, Jon M. Fritzler <fritzlerlaw at outlook.com<mailto:fritzlerlaw at outlook.com>> wrote:
I would appreciate knowing how others advise their clients in the following situation.  My client is the personal representative of an estate with multiple residuary devisees. One or more of the heirs has expressed interest in purchasing one of the pieces of real property that is part of the residue of the estate. My client is obtaining a professional appraisal of the real property in question. My client has non-intervention powers.  Would you recommend that the personal representative get more than one appraisal of the real property in order to further protect her against any possible complaint by the devisees who do not purchase the property, or is one sufficient? Also, my client did not bring this up, but if a relative does purchase the property the estate will not need the services of a realtor and will not have to pay a realtor’s commission.  Is it appropriate to discount the sales price paid by the relative by the amount that the estate would have paid in realtor’s commissions?

Sincerely,
Jon M. Fritzler
Attorney at Law
PO Box 61451
Vancouver, WA 98666
Tel. 360.818.4431<tel:360.818.4431>
Eml fritzlerlaw at outlook.com<mailto:fritzlerlaw at outlook.com>

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Mark T. Higgins
Mark T. Higgins, P.C.
P.O. Box 57
Darrington, WA 98241
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