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The sale of any real estate that is in probate
needs to be approved by the court. Whenever an interested party is considering purchasing the home, it is imperative that the fair market value be paid, otherwise the sale can be challenged as self dealing.
The probate referree should have valued the property (I am assuming this was done, since you mentioned it was listed in the open market). Any sale must be AT LEAST 90% of this value. Once an offer is made, a Notice of Proposed Action must be mailed to all heirs, in which situation the heirs have 15 days to respond. If no one objects, the sale may go forward. (without a court hearing).
Then, the proceeds are deposited into the estate's account. Assuming there are no creditors, the proceeds are then distributed to the heirs as specified in the will. It is always a good idea to have an heir sign documentation indicating they received the proceeds.
Please see the attached faqs: http://www.co.ocean.nj.us/Surrogates/ContentPage.aspx?ID=53bc05b5-c58c-4f5c-9700-6acfa1bc644e
specifically section 19, to ensure that the proper waivers have been filed.
It is always a good idea to have an attorney oversee the process, particularly when an interested party is purchasing estate property, in order to ensure that there are no breaches of fiduciary duty, which could create liability.