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VIC Beneficiary Wants to Buy Family Home - What Happens Next?

Discussion in 'Wills and Estate Planning Law Forum' started by john3125, 18 May 2016.

  1. john3125

    john3125 Active Member

    25 February 2016
    Likes Received:
    Dad passed away last year. The Deceased estate has probate. There are 2 beneficiaries in the will. One of the beneficiaries wants to buy the family home and has supplied an evaluation through their bank as they have to take out a loan.

    What happens next? And what should I be doing or has anyone been down this path in the past and has experience?

    Any help would be great.
  2. Rod

    Rod Well-Known Member

    27 May 2014
    Likes Received:
    Depends on whether the other beneficiary agrees. You can't favour one beneficiary over the other.

    Safest option is to get a valuation done a quantity surveyor so the true market price is known; but this does cost some money.
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  3. Tim W

    Tim W Lawyer
    LawTap Verified Lawyer

    28 April 2014
    Likes Received:
    There is no right for a beneficiary to buy the house.

    Unless selling the house is necessary in order to settle the deceased's debts, bills etc,
    there is no duty on the executor to sell the house,
    and in any event, no duty to sell it to anyone in particular.

    Further, you as executor, have no obligation to take any notice of one agent's market opinion (even when they call it a "valuation" - it isn't).
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