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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 53964
Experience:  29 years of experience practicing law, including tax and estate planning.
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I am Executor and Successor Trustee of a Trust

Customer Question

I am Executor and Successor Trustee of a Trust that includes the primary home of the Trustee owner (still living). I am also an licensed real estate agent. When I assume my duties, am I allowed to list the property for sale and actively seek a buyer? I was told it was a conflict of interest. After I get the appraisals on the house, an opt ion could be to list the house with a fellow agent but I prefer to list and possibly find a buyer myself and earn the commissions. Also, can I exclude it from the MLS since the owner wants a private sale. I will be selling all the contents of the house which includes many antiques where I will do the same...get an appraiser and try to sell at or above the appraised price.
Ed XXXX
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.
Hi! My name is ***** ***** I look forward to helping you!
There could be a possible conflict of interest. But, that doesn't mean there isn't a way around this. The real issue would arise if you were to sell it to yourself or a related party. But, simply listing the property would not likely be a problem. Since the owner is still alive and the trust is revocable until his death, what I would suggest you do is have the owner specifically authorize you to become the listing agent. Since selling commission are pretty standard and as long as you don't charge a higher commission, then the owner should be willing to authorize this now so that after the owner dies and you take over your duties, you don't have to worry about this.
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