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FiveStarLaw
FiveStarLaw, Attorney
Category: Estate Law
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Experience:  25 years of experience helping people like you.
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In New York State how on what basis, gross or net, are executor

Resolved Question:

In New York State how on what basis, gross or net, are executor commissions determined on the sale of real estate. For example... on the full purchase price (say 500K) OR the net proceeds after realty commissions, mortgage payoffs, legal fees, etc? Say that brings it down to 300K. I know the 5%, 4%, 3% rule, just need to know if entitled to the full 500k selling price or the 300k netted. Is there a reference I can use somewhere that makes this clear?
Submitted: 5 years ago.
Category: Estate Law
Expert:  FiveStarLaw replied 5 years ago.

Hello,


Thank you for your question. I am happy to assist you.

In New York, executor fees paid on the gross according to the following schedule set forth in SCPA 2307 unless the will states otherwise:

 

1. Except as otherwise provided in paragraph (f) of this subdivision on the settlement of the account of any fiduciary other than a trustee the court must allow to him the reasonable and necessary expenses actually paid by him and if he be an attorney of this state and shall have rendered legal services in connection with his official duties, such compensation for his legal services as appear to the court to be just and reasonable and in addition thereto it must allow to the fiduciary for his services as fiduciary, and if there be more than one, apportion among them according to the services rendered by them respectively the following commissions:

(a) For receiving and paying out all sums of money not exceeding $100,000 at the rate of 5 percent.

(b) For receiving and paying out any additional sums not exceeding $200,000 at the rate of 4 percent.

(c) For receiving and paying out any additional sums not exceeding $700,000 at the rate of 3 percent.

(d) For receiving and paying out any additional sums not exceeding $4,000,000 at the rate of 2 1/2 percent.

(e) For receiving and paying out all sums above $5,000,000 at the rate of 2 percent.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER
Customer: replied 5 years ago.
So say an estate sells for 500,000. After paying back the loans, etc.....and all expenses to sell, the executor still gets commission on 500,000? Even if the net is only say 100,000? Is there anywhere where that is clearly stated? I see the phrase "recieving and paying out all sums"...but it seems that there must be rule specifically about this? I know the general commission rules. What specifically about Real Estate gross vs. Net? Anything?
Expert:  FiveStarLaw replied 5 years ago.
Hello,

Here is a link to the statute in full:
http://law.justia.com/newyork/codes/surrogates-court-procedure/scp02307_2307.html


This is the language specifically dealing with the amount on which the fee is charged:
(a) For receiving and paying out all sums of money

In other words, the fee is charged on all receipts and payments.
FiveStarLaw, Attorney
Category: Estate Law
Satisfied Customers: 36462
Experience: 25 years of experience helping people like you.
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