NSW Deceased Estate Sale - Do I Have a Say?

[Khayla]

Hi my mum's deceased estate is in negotiation.

In her Will, my sister has the option to buy her home, which she has agreed to do. The solicitor for my mum's estate emailed me today, saying that my sister has requested a 1.65% fee be taken off the sale price because if the house went to market, then there would be agent's fees so she wants to pay this reduced price, as if there were real estate agent fees for selling the house.

The solicitor and executor of will have both agreed her request is valid and they have taken the fee off the sale price of the house.

According to the solicitor it is his and the executor's decision to make and as a beneficiary I have no say. Is this correct? Do I have the option to say no? It is $24,000 fee so $12,000 off my inheritance.

 

[Rod]

Hard to answer. How was the house valued? Maybe they figured they more than made up for the fee on the sale price.

They may have agreed as part of the sale price negotiations.

Otherwise they must not unreasonably diminish the value of the estate and they can be personally liable if they ignore their duties.

 

[Khayla]

The house was valued by the average of 3 real estate agents.
In the will it says an equal 50/50 split. No mention of agent fees coming off the sale price at all.

 

[Tim W]

The house was valued by the average of 3 real estate agents.
In the will it says an equal 50/50 split. No mention of agent fees coming off the sale price at all.

No, it probably wasn't.
More likely, three agents gave you their opinions about what they think it could sell for on a perfect day.
Not the same thing.

 

[Tim W]

It's quite improper, but probably not unlawful in the strict literal sense.

Problem is, fighting it will probably cost more than the amount you are not receiving
(ie more than $12000-ish) anyway.
This is because both your costs and the executor's costs in such disputes
are often met by the estate.

If, however, you wanted to fight it, you might be able to.*
But it will take time, probably cost more money than you're missing out on,
and that you don't have, and toxify (or further toxify) relations within the family,
at an already difficult time.


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* For lawyers reading this - perhaps in equity.

 

[Khayla]

Thank you. The relationship is already toxic and so that is not an issue and the executor was a friend of my mums and free so it will be the lawyers fees but i have said No and will see if that is enougb to stop it happening.

Thanks for the help.