[WSBAPT] Probate: Sale of House

[Heather deVrieze]

David,

My advice would depend greatly on the dynamics of the particular family, and which scenario the client intends to follow. If buying himself, I like to have a “distribution agreement” incorporating some TEDRA language. If selling to a neighbor, and you are confident that it is fair value because a market analysis or appraisal has been obtained, I would be less concerned, but would advise the client to stay in careful communication with other beneficiaries and let me know if there was a hint of a problem.

Heather


Heather S. de Vrieze
Attorney-at-Law
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3909 California Avenue SW
Seattle, WA 98116-3705
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www.westseattlelaw.com<http://www.westseattlelaw.com/>

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of David Faber
Sent: Monday, May 23, 2016 4:24 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Probate: Sale of House

Working a probate in which PR wants to either buy real property owned by the estate, or wants to sell the real property to a neighbor without using a broker (good savings!). This is my first time advising a client on selling without a broker in a probate situation and I want to make sure that my inclination is correct. Though the house won't be on the open market, I know we will want to take care to sell the house for its market value. Toward that end, would it be advisable to get a market appraisal or comp analysis to determine a reasonable price, then sell the house at that price? Should I put together a TEDRA agreement between all of the heirs agreeing to the sale price before it is sold or would a market appraisal or comp analysis be sufficient to your mind? Any other best-practice advice this situation warrants?

Much appreciated.

Best,
David J. Faber
Faber Feinson PLLC
210 Polk Street, Suite 1
Port Townsend, WA 98368
(360) 379-4110

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