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NSW Beneficiary to Mother's House - What are My Rights?

Discussion in 'Wills and Estate Planning Law Forum' started by Beneficiary_M, 30 July 2015.

  1. Beneficiary_M

    Beneficiary_M Active Member

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    I am a beneficiary of my mother's estate. My sister is executor of will. My mother's house will be put up for auction soon. I won't be able to attend the auction but I would like to know exactly what the outcome of the auction will be. Is the real estate agent handling the sale obligated to tell me what offers prior to sale (if any) have been made for the house? Is he obligated to tell me what the highest bid was? Also, if the house passes in, is he obligated to tell me what the highest bid was?

    Is the executor obligated to tell me any of this information?
     
  2. Tim W

    Tim W Lawyer

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    If your sister is the executor, then it is appropriate for the agent to deal with her.
    The agent is not required to deal with anybody else.
     
  3. Beneficiary_M

    Beneficiary_M Active Member

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    Thanks. I am wondering, too, whether an Executor has to accept the highest bid at an auction of a deceased Estate? If the Executor's year is almost up or the housing market is cooling would that also have a bearing on the Executor's decision? If the Executor has an unrealistically high expectation for the sale and the house passes in, what can I do?
     
  4. Tim W

    Tim W Lawyer

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    An executor's duty is to obtain the best possible price for the house
    (this is true of any asset in which the executor is dealing).
    Apart from that, there's nothing special about it being a deceased estate.

    If the executor set a reserve price at auction,*
    but the bids did not exceed the reserve,
    then executor is not required to accept the highest bid on the day,
    just because it's the highest bid on the day.**

    On the other hand, if (as the real estate agents say)
    the house "goes on without reserve",
    then it sells on the fall of the hammer, and that's it, deal done.

    Perhaps you could have a discussion with the executor about
    • getting a proper valuation
      (not a mere speculation of market price by an agent), and;

    • maybe changing agents.


    -------------------------------------
    * Find out - by asking the executor
    ** Auctioneers call this "a Lot being passed in"
     

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