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lisweetsue Asked May 2015

My Dad's Will has no time stated as to when the house must be sold upon his death, what are they NY laws?

the will is divided between 4 brothers, one is the executor. We r concern he may not sell the house, list it too high and rent it keeping the proceeds for himself.. What are the rules for selling a home that is supposed to be divided upon my fathers death?

lisweetsue May 2015
Thank you both..

JessieBelle May 2015
The house will belong to all the heirs after probate. This is according to the will. Any money generated from renting or selling should go to the heirs. Similarly, all debts and maintenance for the property are divided among the heirs. The sellers working with a real estate agent will set the price of the house. Normally it is set too high initially, then offers are considered.

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lisweetsue May 2015
who sets the sale price? what if it doesnt sell?

pamstegma May 2015
You don't divide a home, you divide an Estate. On the day of Dad's death, all assets freeze. The Executor gets an EIN number for the Estate of XXX. Then he goes to the bank with the death certificate and the official Will and transfers all money stock etc into an estate account. NY has a waiting period of seven months, so the Executor waits for bills against Dad's estate. He pays them as they come in. If he has to sell the house to pay those bills taxes fees etc, then that is what he does. AFTER all bills are paid, after the waiting period ends, then the Executor distributes the assets and files reports and forms on exactly who got what.
If you think he is evading the Will or profiting himself, you haul his axx into court and let the Judge slap some sense into him. And the Feds get really pixelated if an estate fails to close within two years.

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