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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 37666
Experience:  Texas Attorney for 30 years dealing in real estate
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Have questions on buying land on contract from a relative.

Customer Question

Have questions on buying land on contract from a relative. My wife and her 2 siblings were willed 1/3 of a 75 acre track of land when their father passed last year. this 75 acres is 1/2 of the 150 acre track, the other 75 belongs to my wifes aunt, her dads sister. Nothing has sold, all land and title are still as they were when her dad passed. we are going to approach her aunt about the possibility of buying her 75 acres on contract. I need to know what I am getting into, how to go about it and what are the up/downsides of doing this? I think that if we buy it on contract from her, she will benefit from not having such a tax hit by selling the whole track at once and paying the gains. What else do I need to know? what are my tax consequences here if any, how should I go about this? I have never bought any land before outside of our primary home.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.
Hi and welcome to JA. I am Ray and will be the expert helping you today.

There needs to be an application made to probate the will.There has to be a personal representative appointed who can then sign such a contract for the estate.No one here has legal authority to sign until the probate has been opened.It is possible for you to complete this with the executor/personal representative once appointed.

So this is really the missing piece along with getting the relative to go along with your offer.As long as the relative agrees and someone has been appointed this should not be a problem.Most wills give the executor/PR the power to sell property.

A probate lawyer can make the application to probate the will and then a land
contract if you are able to negotiate a sale this way.But until probate is opened no one has legal authority here to sign the contract.

Once land contract paid off here the executor/PR signs the fiduciary deed to you to give you title.

I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.
Expert:  Ray replied 1 year ago.
Dave here is reference to Kansas probate and lawyer referral

http://www.kansaslegalservices.org/node/1092/frequently-asked-questions-about-probate

Thanks again for letting me help you .Probate in Kansas usually takes about a year start to finish.

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